After working six years as a senior executive for a multinational payroll-processing company in Barcelona, Spain, Julio Vildosola is cutting his professional and financial ties with his troubled homeland. He has moved his family to a village near Cambridge, England, where he will take the reins at a small software company, and he has transferred his savings from Spanish banks to British banks.
Tuesday, September 04, 2012
Spaniards grab cash, get out of Spain:
“The macro situation in Spain is getting worse and worse,” Mr. Vildosola, 38, said last week just hours before boarding a plane to London with his wife and two small children. “There is just too much risk. Spain is going to be next after Greece, and I just don’t want to end up holding devalued pesetas.”
What Julio has actually done is jump from the Spanish domino to the English domino. How much more time that will buy him is anybodies guess, since the English domino is in the same row.
What is a bit odd is that Julio choose England over America. I suppose he thinks the Pound is more stable than the Dollar, but both currencies are clinging onto the same lifeline. He probably concluded than England is a safer and more civilized place in which to take his family.
All these Western and European nations that have spent themselves into bankruptcy are teetering on the edge right now, What incident or event will cause our domino to go over?
I fear we'll soon see.