#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 12°C Sunday 24 October 2021

British government warns embassies to be prepared for euro collapse - report

Diplomats in eurozone countries are being told to be prepared to help expats if the single currency collapses.

Image: Press Association Images

BRITISH EMBASSIES IN the eurozone are being told to draft plans top help its citizens if the currency collapses amid growing fears over Italy and Spain.

The Telegraph reports today that a senior British government minister has said that the government is working off the basis that the collapse of the euro is just a matter of time.

The paper says that diplomats are being warned to prepare for social unrest in some eurozone countries if that happens similar to the scenes seen in Greece in response to austerity measures being imposed there as a result of its EU-IMF bailout.

This week has seen a German ten-year bond auction described as “disastrous” while fears over the high cost of borrowing in Spain and Italy remain. Yesterday Belgium’s credit rating was down-graded by Standard and Poor’s.

British embassies are being warned to prepare to help tens of thousands of expats in eurozone countries in the event of a financial collapse that would leave them unable to access bank accounts or even withdraw cash, the Telegraph reports.

For more information, read James Kirkup’s story on Telegraph.co.uk >

Read: “Serious risk” of EC running out of funds in 2012, says Commissioner >

Read: More on the eurozone crisis >

Poll: Do you think the euro will collapse?

About the author:

Hugh O'Connell

Read next: