 |
| Florida investment home. Make sure to talk to Jason before you buy one of these. |
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Understanding the Israeli Mortgage
Wednesday, March 14, 2012
Israelis investing in US real estate primer
Jason Myers, an Israeli and American licensed lawyer wrote a piece that I published on my Hebrew blog. I'm not going to translate it, but if you are an Israeli considering an American real estate investment, you should definitely read it here: important information for Israelis buying US real estate.
If your Hebrew isn't strong enough, contact Jason directly, his contact information is at the bottom of that post.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Tuesday, February 21, 2012
Time to refi?
I thought that we were done with refinancing a few years ago. However, in the past few weeks I have learned from some new clients that the message of the refinance didn't reach everyone's ears a few years ago. One of these clients has a whopping 6.5% loan, all of it indexed to inflation. Another refinanced just four years ago, but he refinanced everything into indexed loans (after using the wonderful free consulting services of his bank).
If you haven't refinanced your mortgage in the past few years, there is a good chance that we can save you a boat load of money. Here is some basic information about refinancing an Israeli Mortgage.
If you are looking to save a few shekels a month, a refinance usually isn't worth the effort in the long run. If you are able to add a few hundred shekels or more to your current mortgage, we can probably save you a few hundred thousand shekels over the life of your loan. As always, I need to point out that the right mortgage will differ from one family to the next.
Unfortunately, since last year's drastic change of regulation, all new mortgages including refinances have to meet the new guidelines. For most refinance clients, the biggest change is that only up to a third of the total loan amount can now be in loan types that are considered highly-volatile (all those whose rate re-adjusts more frequently than every five years).
There is also a good side to this change. It is encouraging people to get loans that are better in the long-term. Some of these loans are slightly more expensive in the short-term, but are much less expensive over time.
You might save hundreds of thousands by refinancing if any of the following are true for you:
Please call up your bank and ask for a pay-off report and then send it to us. We will give you a quick evaluation if a refinance is right for you. You can send it to us through our mortgage contact form.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
If you haven't refinanced your mortgage in the past few years, there is a good chance that we can save you a boat load of money. Here is some basic information about refinancing an Israeli Mortgage.
If you are looking to save a few shekels a month, a refinance usually isn't worth the effort in the long run. If you are able to add a few hundred shekels or more to your current mortgage, we can probably save you a few hundred thousand shekels over the life of your loan. As always, I need to point out that the right mortgage will differ from one family to the next.
Unfortunately, since last year's drastic change of regulation, all new mortgages including refinances have to meet the new guidelines. For most refinance clients, the biggest change is that only up to a third of the total loan amount can now be in loan types that are considered highly-volatile (all those whose rate re-adjusts more frequently than every five years).
There is also a good side to this change. It is encouraging people to get loans that are better in the long-term. Some of these loans are slightly more expensive in the short-term, but are much less expensive over time.
You might save hundreds of thousands by refinancing if any of the following are true for you:
- Your outstanding debt is 400,000 or more
- A large portion of your loan is indexed to inflation
- Your loan is more than five years old
- You can afford to increase your monthly payment by 10% or more
Please call up your bank and ask for a pay-off report and then send it to us. We will give you a quick evaluation if a refinance is right for you. You can send it to us through our mortgage contact form.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Wednesday, February 8, 2012
Gas, The Dollar, and Your Mortgage
It's been quite some time since I've had an opportunity to touch upon a few of my favorite subjects, and I'm glad to have this opportunity. For most of us, the news goes in one ear and straight out the other. Only a few days ago they were talking about a small natural gas discovery off the coast of Israel, with reserves of only 42 M cubic meters. If you missed it, you can read about it on the Calcalist site.
Do you remember the dollar, the official currency of the United States? What about the Euro? We get hourly reports about these two. For those of you who have understandably become confused with the never-ending year story-arc of Israel's foreign currency exchange rates: the US$ once had a high exchange rate to the New Israeli Shekel and its predecessors the Israeli Shekel and the Israeli Lira. In the good years we expected a mild depreciation of our coin compared to the US currency, in the bad years we expected severe depreciation. At its height the exchange rate was almost 5 NIS to each US$. A few years ago, this trend turned itself around, and all of a sudden the Shekel was the coin to own. Since then the relative exchange rates have gone up and down. 9 months ago the exchange rate was close 3.30. Two weeks ago this rate was 3.87, as of this writing the rate is 3.69 and falling. The Euro pretty much just falls.
In the news they tell us about the effects of oil prices and reduced expectations of exports to Europe. Far less is reported about the purchase and sale of foreign currency reserves by the central bank, even though the bank publishes these reports on a regular basis. You can read the latest update from Bank of Israel here. Take a look at that link. Please notice that there is a direct converse relationship between the rate of exchange and the size of the Bank of Israel's foreign currency reserves. These reserves are actual dollars (listed in millions), not their shekel equivalent which would naturally fluctuate with the exchange rate.
If you would like to see figures for a longer period of time than available at the last link, you need not spend days understanding how to navigate the Bank of Israel's database, your humble servant has already done the work for you. Here's the graph. (Taken from this site within the BoI).
That sharp upturn in the middle of 2008 marks the beginning of the period when the shekel finally found its own feet. These numbers don't only reflect sharp business acumen that the governors of the BoI have displayed (and we are grateful for that), but mainly is a result of trying to keep the exchange rate from altering too quickly. If everyone is selling dollars because their value is declining, there could be a run on the market if the central bank doesn't step in and start buying them. If our exchange rate becomes too low, it becomes impossible to sell Israeli exports. The BoI will likely sell dollars as soon as it gets a chance.
We have also seen a few small reductions in interest rates by the BoI. As the Federal Reserve in the US has determined that they will not raise interest rates in the near future, the BoI again needs to take actions to prevent the weakening of the dollar as investors will want to buy a currency paying a higher interest rate and nobody believes in the longevity of the Euro anymore.
The connection between natural gas discoveries and the strength of the shekel is clear to me. In the near future Israel will be energy independent. We might even become an exporter of natural gas in four years. Our need for foreign currency is far diminished compared to the situation ten years ago. As our demand futures have gone down, so has the price, hence the exchange rate.
If you are looking for a cheap mortgage, be prepared for a bad fall. If you are interested in monumental long-term savings, call Nahala Home Mortgage's Israeli mortgage experts for a plan that will save your future.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
 |
| Gas Exploration by the shores of Zion. Copyright Calcalist |
Do you remember the dollar, the official currency of the United States? What about the Euro? We get hourly reports about these two. For those of you who have understandably become confused with the never-ending year story-arc of Israel's foreign currency exchange rates: the US$ once had a high exchange rate to the New Israeli Shekel and its predecessors the Israeli Shekel and the Israeli Lira. In the good years we expected a mild depreciation of our coin compared to the US currency, in the bad years we expected severe depreciation. At its height the exchange rate was almost 5 NIS to each US$. A few years ago, this trend turned itself around, and all of a sudden the Shekel was the coin to own. Since then the relative exchange rates have gone up and down. 9 months ago the exchange rate was close 3.30. Two weeks ago this rate was 3.87, as of this writing the rate is 3.69 and falling. The Euro pretty much just falls.
If you would like to see figures for a longer period of time than available at the last link, you need not spend days understanding how to navigate the Bank of Israel's database, your humble servant has already done the work for you. Here's the graph. (Taken from this site within the BoI).
That sharp upturn in the middle of 2008 marks the beginning of the period when the shekel finally found its own feet. These numbers don't only reflect sharp business acumen that the governors of the BoI have displayed (and we are grateful for that), but mainly is a result of trying to keep the exchange rate from altering too quickly. If everyone is selling dollars because their value is declining, there could be a run on the market if the central bank doesn't step in and start buying them. If our exchange rate becomes too low, it becomes impossible to sell Israeli exports. The BoI will likely sell dollars as soon as it gets a chance.
We have also seen a few small reductions in interest rates by the BoI. As the Federal Reserve in the US has determined that they will not raise interest rates in the near future, the BoI again needs to take actions to prevent the weakening of the dollar as investors will want to buy a currency paying a higher interest rate and nobody believes in the longevity of the Euro anymore.
The connection between natural gas discoveries and the strength of the shekel is clear to me. In the near future Israel will be energy independent. We might even become an exporter of natural gas in four years. Our need for foreign currency is far diminished compared to the situation ten years ago. As our demand futures have gone down, so has the price, hence the exchange rate.
If you are looking for a cheap mortgage, be prepared for a bad fall. If you are interested in monumental long-term savings, call Nahala Home Mortgage's Israeli mortgage experts for a plan that will save your future.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Tuesday, December 20, 2011
Real Israeli Mortgage Rule #5--Consolidate Debt Early
I haven't written a Rules article for a while. As more and more of my clients are asking about debt consolidation, I need to address this.
It is possible in many cases to get a debt consolidation loan using your home as collateral. This makes a lot of sense for many reasons: it reduces your monthly payments, the interest on a mortgage is much lower than the interest on corresponding loans and the amount of time over which your loan amortizes can be much longer.
However, mortgages are not simple, not without cost, and not quick. We also have to be more cautious than usual with the banks, as your being between a rock and a hard place is a prime opportunity for the bank to profit. Bank A is more than happy to relieve your debt from Bank B, but they see no point in offering you even their second best rates. We need to tell your story properly and bring it to the right branch of the right bank (this will differ from borrower to borrower). We still won't get you a deal like a purchase loan, but it will be under much better conditions than consumer debt.
It's amazing that we still hear the commercials on the radio encouraging us to take "just take 40K" as if it were a gift. The rates being charged are amazing, prime + 4.5, 12%, or even worse. If you have anything on "credit" from the wonderful credit card companies, you are likely paying even higher. Expect similar rates on your overdraft.
The most important part about a debt consolidation loan is that you need to get it well before you need it. The banks don't really care about your property too much. So long as you are within their lending guidelines, they'll make the loan.
What they really care about is the financial competency of the borrower. Can you make the payments? Do you have a history of missing payments? Is your credit history clean? Is this loan a one-time reset of your financial situation which will put your house in order?
It's OK if you have some overdraft. It's OK if you have some debt. However if you have been missing payments on debt, it will be difficult to refinance you into a bigger loan. If there is a good chance that you will need a loan, the time to refinance is as early as possible.
Real Israeli Mortgage Rule #5: It's OK to get a debt consolidation loan, but you have to get it before you need it.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
It is possible in many cases to get a debt consolidation loan using your home as collateral. This makes a lot of sense for many reasons: it reduces your monthly payments, the interest on a mortgage is much lower than the interest on corresponding loans and the amount of time over which your loan amortizes can be much longer.
However, mortgages are not simple, not without cost, and not quick. We also have to be more cautious than usual with the banks, as your being between a rock and a hard place is a prime opportunity for the bank to profit. Bank A is more than happy to relieve your debt from Bank B, but they see no point in offering you even their second best rates. We need to tell your story properly and bring it to the right branch of the right bank (this will differ from borrower to borrower). We still won't get you a deal like a purchase loan, but it will be under much better conditions than consumer debt.
 |
| Why are they still offering more debt? |
It's amazing that we still hear the commercials on the radio encouraging us to take "just take 40K" as if it were a gift. The rates being charged are amazing, prime + 4.5, 12%, or even worse. If you have anything on "credit" from the wonderful credit card companies, you are likely paying even higher. Expect similar rates on your overdraft.
The most important part about a debt consolidation loan is that you need to get it well before you need it. The banks don't really care about your property too much. So long as you are within their lending guidelines, they'll make the loan.
What they really care about is the financial competency of the borrower. Can you make the payments? Do you have a history of missing payments? Is your credit history clean? Is this loan a one-time reset of your financial situation which will put your house in order?
It's OK if you have some overdraft. It's OK if you have some debt. However if you have been missing payments on debt, it will be difficult to refinance you into a bigger loan. If there is a good chance that you will need a loan, the time to refinance is as early as possible.
Real Israeli Mortgage Rule #5: It's OK to get a debt consolidation loan, but you have to get it before you need it.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Tuesday, December 13, 2011
Your mortgage and the daf yomi
The page of Talmud that was studied today by Jews all around the world in the "Daf Yomi" (daily page) study system, was Maseketh Bikuroth, page 29 in the Babylonian Talmud. We started here at the very bottom of the page and continued on the next page:
[Translation of Gemara from this site (pdf of the specific text): MISHNAH. IF ONE TAKES PAYMENT FOR SEEING THE FIRSTLINGS, THEY MUST NOT BE SLAUGHTERED BY HIS INSTRUCTIONS, UNLESS HE WAS AN EXPERT LIKE ILA IN JABNEH WHOM THE SAGES PERMITTED TO ACCEPT FOUR AS FOR SMALL CATTLE AND SIX AS FOR LARGE CATTLE, WHETHER UNBLEMISHED OR BLEMISHED.
gemara...WHETHER UNBLEMISHED OR BLEMISHED. Now, we quite understand this in the case of a blemished firstling, because in this case he permits it; but in the case of an unblemished firstling, why (does he take payment)? — The reason is that otherwise he might be suspected, and it might be said that the animal pronounced blemished is unblemished, and the reason he permits it is because he receives payment.]
I never studied Torah in English. Quite frankly it looks a little corny to me. I understand the Aramaic better than I do the English. I'll try to work with what I have here. We are discussing whether or not it is OK to eat a first-born cow after it was pronounced blemished by a paid expert. Why? Because we fear that the expert will feel obliged to pronounce the cow blemished, otherwise he will be endangering his business.
[If the first-born offspring of a cow or sheep is a healthy male, then it must given to a Cohen. If it has some sort of permanent problem, then it remains with the owners. Therefore it is very lucrative to have your calves proclaimed "blemished" by "experts".]
My father recently wrote to me about problems with his dentist. It seems that every time he goes for a visit they want to remove another tooth. Have you ever taken a tire into to be checked? More often than not you need to replace at least two tires if not all four if you rely upon the advice of the guy "fixing" the tire.
When you go into your bank, it is exactly the same. The mortgage clerk at your local bank is paid by the bank, not you. His interest is the bank's interest, not yours. Despite whatever kind of nonsense they may say in their radio ads, they are trying to sell whatever products are the most profitable for the bank, not for you. Unlike us at Nahala Home Mortgages, where we get paid exclusively by our clients. Our only interest is the client's interest.
If you are considering taking on hundreds of thousands to millions of shekels in debt, this is not the time for cutting corners. Don't rely on your bank's advice, and don't rely upon what you heard from friends or read on the internet.
Every case is different and needs to be planned differently. You should always consult your qualified Israeli Mortgage Advisor before you make any decisions.
משנה:
הנוטל שכר להיות רואה את הבכורות אין שוחטין על פיו אא"כ היה מומחה כאילו
באילא ביבנה שהתירו לו.
גמרא:
....בשלמא בעל מום משום דקא שרי ליה אלא תם אמאי דאם כן אתי למיחשדיה ואמרי, האי
בעל מום, תם הוא, והאי דקא שרי לי משום אגרא
[Translation of Gemara from this site (pdf of the specific text): MISHNAH. IF ONE TAKES PAYMENT FOR SEEING THE FIRSTLINGS, THEY MUST NOT BE SLAUGHTERED BY HIS INSTRUCTIONS, UNLESS HE WAS AN EXPERT LIKE ILA IN JABNEH WHOM THE SAGES PERMITTED TO ACCEPT FOUR AS FOR SMALL CATTLE AND SIX AS FOR LARGE CATTLE, WHETHER UNBLEMISHED OR BLEMISHED.
gemara...WHETHER UNBLEMISHED OR BLEMISHED. Now, we quite understand this in the case of a blemished firstling, because in this case he permits it; but in the case of an unblemished firstling, why (does he take payment)? — The reason is that otherwise he might be suspected, and it might be said that the animal pronounced blemished is unblemished, and the reason he permits it is because he receives payment.]
 |
| Can we eat the calf? Not if we are relying upon the bank. |
I never studied Torah in English. Quite frankly it looks a little corny to me. I understand the Aramaic better than I do the English. I'll try to work with what I have here. We are discussing whether or not it is OK to eat a first-born cow after it was pronounced blemished by a paid expert. Why? Because we fear that the expert will feel obliged to pronounce the cow blemished, otherwise he will be endangering his business.
[If the first-born offspring of a cow or sheep is a healthy male, then it must given to a Cohen. If it has some sort of permanent problem, then it remains with the owners. Therefore it is very lucrative to have your calves proclaimed "blemished" by "experts".]
My father recently wrote to me about problems with his dentist. It seems that every time he goes for a visit they want to remove another tooth. Have you ever taken a tire into to be checked? More often than not you need to replace at least two tires if not all four if you rely upon the advice of the guy "fixing" the tire.
When you go into your bank, it is exactly the same. The mortgage clerk at your local bank is paid by the bank, not you. His interest is the bank's interest, not yours. Despite whatever kind of nonsense they may say in their radio ads, they are trying to sell whatever products are the most profitable for the bank, not for you. Unlike us at Nahala Home Mortgages, where we get paid exclusively by our clients. Our only interest is the client's interest.
If you are considering taking on hundreds of thousands to millions of shekels in debt, this is not the time for cutting corners. Don't rely on your bank's advice, and don't rely upon what you heard from friends or read on the internet.
Every case is different and needs to be planned differently. You should always consult your qualified Israeli Mortgage Advisor before you make any decisions.
Thursday, November 17, 2011
Limit your exposure to the Euro with a home in The Land
Greece was just a prelude. As I have been saying for years, and repeating every few months, the Euro is a mess and getting messier. Greece's economy is minuscule compared to big countries like Italy. When Greece has problems the world is concerned. When Italy has problems, the world shivers with fright.
Greece's economy, according to official EU stats, is around 2.5% of the Eurozone, or 1.8% of the EU member states. Italy sports the world's 8th largest economy, 17% of the Eurozone, or nearly 13% of all of Europe. You can play around with the numbers yourself at Eurostat, the home of European statistics. The specific numbers that I used are available here. If you are an American or a former American think that Greece is like Rhode Island, and Italy is like California.
Greece and Italy will have new governments. Both countries are offering economists in an effort to calm the world. I won't pretend like I know who these people are, I only know what I know from the press. Italy's Monti looks like exactly the type of Eurocrat that got us into this mess to begin with. His main accomplishment in life was in developing and strengthening the Euro and in suing Microsoft. As I write these lines he is preparing to introduce his first lot of reforms to the Italian Senate. The yield on Italian bonds just went back up over 7%, meaning the markets have little faith in his success.
Greece's new man is Lucas Papademos, another economist who features great accomplishments such as being Greece's version of Stanley Fischer and a proud vice-president of the European Central Bank. [Meanwhile Greek students continue to violently protest. They ask for "Bread, Education and Freedom". I don't know if this translates well. I think they mean "freedom from" as in freedom from responsibility, working, etc., rather than "freedom to" such as freedom to work, freedom to prosper, freedom to disagree with the leftist mob, etc.]
These guys have come to bury Europe, not save it. Who got them into their mess? What did their central bankers do while Europe spent the next two generation's income? If these are the guys who are going to save the Euro, I say jump ship as soon as possible.
Let's say you have an Israeli mortgage which is indexed to the US$. At this point I really can't guess what is going to happen in the short term with the shekel-dollar exchange rate. My feeling is that the dollar will rise slightly only because the Euro is crazy and the dollar is regaining its luster as the coin of reserve. If you have income in dollars, I would probably leave my mortgage indexed to dollars because of uncertainty. Most other people should consider refinancing into mainly shekel based loans.
But what do you do if you live in Europe, are a proud member of the Tribe, and are concerned about the solvency of your Euros? Can we protect your savings?
All members of the Tribe should have a home in The Land, and we pray that they will have the courage to eventually live here full time. A lot of our brethren from European Babylon have already purchased a home in The Land, most of them paying cash. Most of these homes are currently worth a whole lot more Euros then they were when purchased.
Here is my suggestion: buy additional properties in Israel. Transfer some money to Israel, or you can even mortgage a property that you already own here. For most properties, the payments on a 50% loan-to-value mortgage can be covered by a typical rent.
We have a huge variety of mortgage types available that will help protect your investment and balance out market uncertainties.
Don't try to protect your money by just buying a flat in Israel. Protect your money by buying two! Buy each of them with a 50% mortgage which will be paid by the incoming rent. Not only will you be protecting your money, you will be preparing for your future. Once you eventually come Up to The Land, the additional flat will provide you regular shekel income, a place for your kids to come live.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Greece's economy, according to official EU stats, is around 2.5% of the Eurozone, or 1.8% of the EU member states. Italy sports the world's 8th largest economy, 17% of the Eurozone, or nearly 13% of all of Europe. You can play around with the numbers yourself at Eurostat, the home of European statistics. The specific numbers that I used are available here. If you are an American or a former American think that Greece is like Rhode Island, and Italy is like California.
Greece and Italy will have new governments. Both countries are offering economists in an effort to calm the world. I won't pretend like I know who these people are, I only know what I know from the press. Italy's Monti looks like exactly the type of Eurocrat that got us into this mess to begin with. His main accomplishment in life was in developing and strengthening the Euro and in suing Microsoft. As I write these lines he is preparing to introduce his first lot of reforms to the Italian Senate. The yield on Italian bonds just went back up over 7%, meaning the markets have little faith in his success.
Greece's new man is Lucas Papademos, another economist who features great accomplishments such as being Greece's version of Stanley Fischer and a proud vice-president of the European Central Bank. [Meanwhile Greek students continue to violently protest. They ask for "Bread, Education and Freedom". I don't know if this translates well. I think they mean "freedom from" as in freedom from responsibility, working, etc., rather than "freedom to" such as freedom to work, freedom to prosper, freedom to disagree with the leftist mob, etc.]
These guys have come to bury Europe, not save it. Who got them into their mess? What did their central bankers do while Europe spent the next two generation's income? If these are the guys who are going to save the Euro, I say jump ship as soon as possible.
Let's say you have an Israeli mortgage which is indexed to the US$. At this point I really can't guess what is going to happen in the short term with the shekel-dollar exchange rate. My feeling is that the dollar will rise slightly only because the Euro is crazy and the dollar is regaining its luster as the coin of reserve. If you have income in dollars, I would probably leave my mortgage indexed to dollars because of uncertainty. Most other people should consider refinancing into mainly shekel based loans.
 |
| Italian olive oil. Olives are the sleeper statistic that we should be watching. |
All members of the Tribe should have a home in The Land, and we pray that they will have the courage to eventually live here full time. A lot of our brethren from European Babylon have already purchased a home in The Land, most of them paying cash. Most of these homes are currently worth a whole lot more Euros then they were when purchased.
Here is my suggestion: buy additional properties in Israel. Transfer some money to Israel, or you can even mortgage a property that you already own here. For most properties, the payments on a 50% loan-to-value mortgage can be covered by a typical rent.
We have a huge variety of mortgage types available that will help protect your investment and balance out market uncertainties.
Don't try to protect your money by just buying a flat in Israel. Protect your money by buying two! Buy each of them with a 50% mortgage which will be paid by the incoming rent. Not only will you be protecting your money, you will be preparing for your future. Once you eventually come Up to The Land, the additional flat will provide you regular shekel income, a place for your kids to come live.
Every case is different, and you should always consult your qualified Israeli Mortgage Advisor.
Tuesday, November 1, 2011
So much for not slipping on the Greece
It sure didn't take long for the Greeks to not save Greece.
http://mobile.nytimes.com/2011/11/02/world/europe/markets-tumble-as-greece-plans-referendum-on-latest-europe-aid-deal.xml
They're going to take a referendum. The question will be:
Would you rather:
1. Adopt really tough austerity measures, getting less while paying more, and save the Euro and Greece's good name. OR
2. Default on your sovereign debt, continue milking the next generation until complete collapse (it won't take long with no ability to borrow), destroy the euro and enjoy another short period of the easy life.
I'm taking bets on number two winning the referendum.
http://mobile.nytimes.com/2011/11/02/world/europe/markets-tumble-as-greece-plans-referendum-on-latest-europe-aid-deal.xml
They're going to take a referendum. The question will be:
Would you rather:
1. Adopt really tough austerity measures, getting less while paying more, and save the Euro and Greece's good name. OR
2. Default on your sovereign debt, continue milking the next generation until complete collapse (it won't take long with no ability to borrow), destroy the euro and enjoy another short period of the easy life.
I'm taking bets on number two winning the referendum.
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