The problem is particularly acute for the thousands of Brits who have bought properties abroad and have mortgages in euro denomination. Some property brokers and advisors are reporting that a significant number of their clients are seeking to convert their mortgages into sterling or even looking to fire sell their properties at a time when there is already a surfeit of properties in many countries, those on the Spanish costs being just one example. This provides certainty but has a big downside given exit costs and new loan set up costs.

The risk with assets is that if the euro collapses then many countries will of course have to revert to their previous currency which would be likely to be very significantly devalued in turn resulting in the underlying asset being hugely devalued when ultimately crystalising it and turning the asset into sterling.

Those who are fortunate enough to have assets and to be able to continue servicing any obligations for those assets would seem to be well advised if they sit out the crisis if they are able to take a long term view.