Major Insurer Preparing for Euro Collapse

If you had all your life savings in a Grecian bank and there was talk everywhere that the value of your money could plummet 60%....would you move it?  Of course.  So where would you move it?

If you had all your life savings in a Spanish bank and there was talk everywhere that there was going to be a run on Spanish banks and it could soon be very hard to recover all your money...would you move it?  Of course.  So where would you move it?

Of course I can keep asking this question over and over again for basically every country in the Euro Zone...except Germany.  So what happens if everyone starts pulling all their money from France, Spain, Italy, Greece and they all start putting it in German banks?

One thing for sure...the Euro Zone would collapse.

Could this take months or years?  No.  It already started in Greece and appears to be catching fire in Spain.  If the contagion spreads the whole deal could come down in days.

The chief executive of the multi-billion pound Lloyd's of London has publicly admitted that the world's leading insurance market is prepared for a collapse in the single currency and has reduced its exposure "as much as possible" to the crisis-ridden continent.

Lloyd's has de-risked its asset portfolio in recent years, with investments split equally into cash, corporate bonds and government bonds, mostly in the US, UK, Canada and Australia. "We have de-risked the asset portfolio as much as possible," he said.

The contingency planning comes as German politicians piled the pressure on Greece ahead of elections on June 17.

A conservative member of German chancellor Angela Merkel's cabinet said today Germany would not "pour money into a bottomless pit".

On Sunday, Swiss central bank chief Thomas Jordan admitted his country is drawing up an action plan in the event of the euro's collapse.

Here;  http://www.telegraph.co.uk/finance/financialcrisis/9292511/Lloyds-of-London-preparing-for-euro-collapse.html

If you were a German voter and you looked around at all these fun loving Greeks who demanded 8 weeks of paid vacation and then you looked over at the Spaniards who close down their businesses every afternoon to go eat, drink and be merry (siesta), and then you looked over to the Italians who borrowed money every year to take grand vacations...while you stayed at work and continued saving money....would you vote for any plan that put ALL YOUR SAVINGS at risk so that you could bail out all the rest of fun loving Europe?

Probably not.

And there goes the Euro.