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Money matters

The Global Economic Crisis and Malta

No, really... it does!
But does it matter more in Malta than at home?

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The Global Economic Crisis and Malta

Postby Annie'sdad » Sat 1 May 2010 07:10 GMT

With the increased predictions of a double dip crisis. Does anyone know how Malta is fixed regarding its national debt and can you trust it's banks and system? With fears of a domino collapse starting with Greece onto Portugal, Spain, Italy and God knows where else we have been redistributing some of our savings after Northern Rock gave notice that as of the middle of May it would no longer guarantee deposits over £50K. Maybe they know something!!!! Just a wee bit challenged ahead of visit this coming week to get a feel for moving and to where. AD
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Postby gozomark » Sat 1 May 2010 08:40 GMT

NR is just about the safest bank in the world, as all the bad debts have been placed in a separate entity. The reason for dropping the 100% unlimited guarantee is a sign of strength not weakness, as the EU woudn't allow the UK to continue with the unlimited guarantee now its sorted itself out.

Malta's financial system - its reasonably secure as long as it stays in the Euro. The biggest bank is part of HSBC International. Malta is in the same situation as just about every country in the world - if its banking system collapsed, it couldn't meet the savings guarantees, of € 100,000

current debt/GDP = 70%
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Postby gozomark » Sat 1 May 2010 08:45 GMT

Greece is a special case - its lied about its finances for a number of years, and the general population seems unprepared to take the medicine required. It also depends mainly on foreigners to fund its debt.

That's in marked contrast to Spain, Italy, Portugal and especially Ireland.
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Postby pumabob » Sat 1 May 2010 09:33 GMT

The Irish are getting tougher.
Their regulator stopped the large Quinn Group selling insurance to UK customers (N.I especially) last month as it stated other parts of the group were overvalued.
The insurance arm was actually very healthy. Announced yesterday they were closing down with loss of 900 jobs.
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Postby Annie'sdad » Sat 1 May 2010 16:13 GMT

Thanks for feedback guys. So Malta is well behind in the domino order if it does start to colapse, would that be fair to presume? AD
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Postby pumabob » Sat 1 May 2010 19:15 GMT

Sort of depends on WHAT collapses...most of the Quinn jobs were in their call centres.

Taking a wider view, I think Malta would be well down the order, given that it isn't a major financial 'player' like the UK. On the other hand it is a lot smaller so might not weather the storm quite as easily. from a personal point of view I don't think the average Maltese puts as much emphasis on financial wealth as other countries. Most seem happy with "enough to get by", if that's the right phrase to use.
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Postby chris green » Sat 1 May 2010 20:06 GMT

[quote= from a personal point of view I don't think the average Maltese puts as much emphasis on financial wealth as other countries.[/quote] :crackup: :crackup: :crackup:

Remember what you said!
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Postby Eggs » Sat 1 May 2010 20:51 GMT

I don't think the average Maltese puts as much emphasis on financial wealth as other countries


You dont know the Maltese that well Bob.

You should meet my mum!

and my Aunt.....

and my other Aunt...

and my other Aunt.....

and my uncle ....

and my cousin...

and i think you get the picture.
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Postby pumabob » Sat 1 May 2010 21:37 GMT

How come if the Maltese are so worried about financial wealth (as in keeping up with the Joneses) they still drive old cars, have 20-30 year old buses, etc ??? :lol:

Before I get strung up by all those aunties, I should say that I meant the Maltese appear fairly happy, don't judge others by their bank account and aren't obsessed with the latest brand names like the ejits over here :wink:

I know quite a few people here who where basically living the high life, all on H.P. before the recession hit. Now they are crippled with debt and no food in the cupboards :shock:
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Postby Kay » Sat 1 May 2010 22:00 GMT

pumabob wrote:I know quite a few people here who were basically living the high life, all on H.P. before the recession hit. Now they are crippled with debt and no food in the cupboards :shock:


That's an interesting point. Actually a lot of interesting points - debt, expectations, branding, keeping up with the Joneses and all that too. It's much more relaxed in some other places, you can just do your own thing.

Eggs, are you saying that Malta isn't like that? I'd got the impression more that you were saying they cared about their own bank balances rather than competing with their neighbours.

Whatever, it's an interesting insight into the country. 8)
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Postby pumabob » Sat 1 May 2010 23:13 GMT

I think Eggs was saying that the Maltese want to be richer (naturally), just like everyone else does.
He was probably also warning me that his family would soon part this auld fool from my money, given a chance :wink: :lol: :lol:

It's hard to put into words, especially in written format, but my impression is that the Maltese lead a less stressful lifestyle (in terms of money worries) than other Europeans. Therefore, a financial downturn doesn't affect them to the same drastic extent.
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Postby gozomark » Sun 2 May 2010 04:34 GMT

Its also a matter that although income levels are lower than the UK, there is a lot of wealth, much of it from property. I'd guess there are more millionaires per capita in Gozo than in the UK, but very few flaunt it. There is definitely much less "keeping up with the Jones's", although I'm sure there are pockets of that in places like Sliema. Many Gozitans have an allotment or small field.

Credit is much harder to come by in Malta than in the UK. Also, many children are given a house by parents when they marry, so they don't start married life with a big debt.
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Postby Eggs » Sun 2 May 2010 08:33 GMT

The Maltese are not as far as i am aware into keeping up with the Jones's , well my family aren't anyway.

However they enjoy having Financial stability, to gain this they all work extremely hard and long and save just as hard.

Saying this they generally buy extremely high Quality items (look inside a Maltesers house) that are normally very expensive but expected to last forever.

They waste nothing especially where food is concerned, any leftovers always get turned into something nice (unlike us Brits where it might sit in the fridge for a few days then get binned).

My Godmother (my Aunt) retired about 2 years ago and is now enjoying her retirement with her husband, to use her as an example she worked hard as a cleaner in a school up until she retired , she owns a house in Rabat , and has her summer apartment in Buggibba both bought and paid for by the time she was 50 which was also the age she got married. Obviously her husband is pretty well off so they now enjoy their retirement have a couple of holidays a year and have very plush interiors in both houses.

Can't wait to get back for her cooking and shes going to teach my wife some of her recipes!!!
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Postby Kay » Sun 2 May 2010 11:41 GMT

Thanks for clarifying things, everyone.

Keeping up with the Joneses is a terrible syndrome really, and such a waste of one's resources. I buy things because I want them - the Joneses in our street will never even see them. We have things we like in our house just because we like them.

When I go out and about I dress according to the nature of the event - could be jeans and a T-shirt, or something a bit smarter to visit a posh hotel. That's just dress code, never any attempt to impress anyone.

It sounds as though Malta/Gozo will be right up our street (barring any Joneses). :twisted:

Hope you'll share the recipes with us, Eggs, and maybe Not Delia too. 8)
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Postby pumabob » Sun 2 May 2010 12:12 GMT

could be jeans and a T-shirt, or something a bit smarter to visit a posh hotel


Well, I buy most of my jeans at local chain store for £5-10, not £100 for the designer labels. Don't own many suits, but think the dearest one was £100 and even then thought it too expensive!

I can appreciate what Eggs is saying about Maltese buying things to last, which is why we had our big spree. Fed up buying flat pack furniture, etc which falls apart within a year. Stuff we bring now has to last a lifetime :lol:
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