Investors are withdrawing cash from money market funds heavily exposed to short-term debt issued by European banks out of fear that a Greek default could spark contagion across the region’s financial sector.
At the same time there is increasing reluctance among US banks to lend to their European counterparts in the past two weeks because of growing worries over Greece, according to brokers and bank traders.
Any advice out there on what I should be doing with my pitiful savings? Nearly all my savings are in pounds sterling although I have a small checking account in the US dating from the time I owned a condo in AZ. Should I be in gold (bear in mind my lifetime savings equate to about 18 months salary, so we are not talking millions here)? Shares? Cash? Or should I spend and enjoy before the Gotterdammerung brought about by European Union insouciance? Jesus, of course, would tell me to give it all away.