9 Aug, 2012 @ 19:14
1 min read

Olympic size debt

keith spitalnik column

By Keith Spitalnick

MY first Olive Press column conveniently coincides with the Olympics, giving me a great opportunity to explore the relationship between Olympic medals and the high levels of debt Europe has steadily been accruing.

Yes, there is one, although should Europe win all 906 medals up for grabs and sell them for their estimated street value of around €175, they would pocket around €150,000.

That is unlikely to even cover an MEP’s expenses claim for the next six months, let alone bail out the fragile European economy.

Spain has only won five medals to date, so currently has just about enough money to pay for an hour’s consultation with a debt management consultant!

Meanwhile economic news from Europe continues to be inconsistent.

For every piece of good news, there is another piece to contradict it.

Confident speeches by the European Central Bank (ECB) governor, Mario Draghi, reassuring the world that he ‘will do anything it takes’ to save the  single currency failed to dull market fears.

The euro is losing its appeal although, economically speaking, Europe is not that different from the UK or the US – all three have low growth, high levels of debt and struggling job markets.

Sterling, however, is at the strongest it has been against the euro for almost four years. If it were not for the extraordinarily low levels of confidence in the Eurozone, sterling would still be wallowing around the same levels near parity where it found itself soon after the financial crisis kicked in at the end of 2008.

Those who are holding off transferring funds from the UK in the hope the rate will keep edging higher need to be aware that the elastic band that is the currency market can snap at any moment.

Whatever your currency exchange needs, HiFX can provide you with all the help and guidance you need from our latest ‘internet suite’ office in Nueva Andalucia, Marbella, ensuring you get the best rates possible when moving your money overseas.

Visit www.hifx.co.uk

Keith is the new head of European Sales at HiFX. To contact HiFX and find out how the team can help you with your international transactions, call in at the office in Centro Plaza, call 951 203 986, mentioning the Olive Press, or email [email protected]

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