End of the Eldorado dream

[Flashman]

They are not wealthy dude - they are pensioners who bought relatively cheap houses to retire. Their main mistake is to ignore currency risk (which could have been eliminated if UK joned eurozone) and also hard to predict fall in income due to reduced savings rates. Assumption that their houses are liquid was also incorrect.

While my hearth does not bleed for them, my mind picks on the fact that if UK was in euro then big chunk of problems would have disappeared.

I really dont care about them. They made their own choice to leave Britain and live in a foreign country.

They live in Spain. They should learn Spanish, get a Spanish passport and stfu.

[AtW]

They should learn Spanish, get a Spanish passport and stfu.

What this has got to do with the problem? The issue is not Spanish language or Spanish citizenship here.

[Beefy198]

What this has got to do with the problem? The issue is not Spanish language or Spanish citizenship here.

I believe the issue is the fact that they sold up and moved abroad, spending in the Spanish economy as opposed to the UK economy. Some even go on about how great what they've done is and how everyone else is mad to stay in the drizzly United Kingdom.

Then, when the going gets tough, they realise that all their pension income is in sterling and it puts them in a precarious position and they plead for help from the people they left behind.

Most would probably argue that if you wanted 'out' you should properly assimilate yourself fully into your new country, learning the language and eventually applying for citizenship.

[AtW]

I believe the issue is the fact that they sold up and moved abroad, spending in the Spanish economy as opposed to the UK economy.

I see no problem with this - that's what EU was designed for to make it easy for people to decide where they work, live or retire. It's their own life and they should make that choice without anyone telling them to die in a retirement home in UK.

Then, when the going gets tough, they realise that all their pension income is in sterling and it puts them in a precarious position and they plead for help from the people they left behind.

Indeed - that's why joining eurozone is a very sensible choice as it removes huge currency risk that is now screwing those already shafted (due to house bubble collapse) people over: they can't sell now and their incomes have dropped too (currency plus interest rates drop).

Most would probably argue that if you wanted 'out' you should properly assimilate yourself fully into your new country, learning the language and eventually applying for citizenship.

Yes indeed - that's what Soviet people say, this view was also popular in nazi/fascist countries.

[swamp]

I don't see what their problem is.

They can sell their Spanish houses for a (albeit small) pile of Euros and convert that to a big pile of Pounds and come back to Blighty and buy a big cheap house. Sorted!