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Scotland won't be independent, because they would have to take the Euro. They won't be allowed to use the Pound. So, they will end up like Greece. I really w

Scotland won't be independent, because they would have to take the Euro. They won't be allowed to use the Pound. So, they will end up like Greece. I really why people don't see this. It's the BRITISH parliment in WESTMINISTER who will decide who uses the pound. NOT YOU, Mr/Mrs Commentator. And they will decide to not allow scotland to use it.

gambiting 10y ago
Well, they could, theoretically, print their own pound(as they already do) and tie its value to that of GBP. Or maybe don't do that, and have it separate, like US and Canadian dollars. I know you are going to say that if they join EU they would have to take the eruo - but I don't see why it couldn't be negotiated away, there's plenty of countries which agreed to take the Euro(Poland for example) but after the 2008 crisis, suspended the adaption indefinitely.
- arethuza 10y ago
  Scottish banks do indeed print their own bank notes (as do some in NI)- but they are for the GDP. Mind you, you used to get situations (a while back) where foreign exchange places in Europe would give you worse exchange rates for Scottish notes rather than English ones.
  - loopbit 10y ago
    Foreign exchanges giving worse exchange rate is better than the situation I've had many times in england, were I was simply unable to pay with or exchange northern irish or scottish pounds. Someone told me that, by law, they have to accept those notes, but I still have ~40 NI pounds that I took to london on a trip a couple of years ago and had to take back with me.
    - deleted 10y ago
      [deleted]
    - doc_holliday 10y ago
      By law they have to do no such thing. It's a a very tender point with people because people get weirdly patriotic regarding Scottish Pound Notes. But they are a sort of bizzare currency. Scottish notes are a legal currency, but not a legal tender. In fact there is no such thing as legal tender in Scotland. Even BoE notes are not legal tender in Scotland. Legal tender only means you can legally pay down debts by court order in the given currency. BoE notes fulfill this job, but only in England & Wales. "Someone told me that, by law, they have to accept those notes" No, they don't even have to by law accept BoE notes in England. Only for paying down debts by law is that true. Any shop or whatever can refuse or accept anything you give them. However, to add further confusion, every single pound of Scottish notes is backed up by BoE pound sterling. In the banks that print Scottish notes (Clydedale, RBS, Bank of Scotland) they have to keep an equal ammount of BoE Sterling. They even created special notes so they could hold the currency in their vaults in Banks. You can get £1,000,000 and £100,000,000 notes called Giants and Titans, which back up the Scottish and NI pound notes. What you are legally entitled to do however (I think?) is go into any branch of Bank you have a Scottish note of and request the equal in BoE note. So if you have £20 RBS Scottish note, you can go in to an RBS branch legally and claim your BoE note with a nice picture of Adam Smith on it :)
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arethuza 10y ago
I'm assuming you aren't Scottish (the reference to "they") but I've never worked out why people outside of Scotland get so worked up about the fate of a small and relatively obscure country.
- justin66 10y ago
  It's a country that experienced a diaspora - a lot of us are loosely connected, hence the interest. (It's nonsensical to call something obscure and then wonder why so many people are talking about it...)
joakleaf 10y ago
They don't need to take the Euro. They could create their own currency. Not all EU countries use Euro. I don't see why will end up like Greece. Not all countries using the Euro end up like Greece.

gambiting 10y ago

Well, they could, theoretically, print their own pound(as they already do) and tie its value to that of GBP. Or maybe don't do that, and have it separate, like US and Canadian dollars. I know you are going to say that if they join EU they would have to take the eruo - but I don't see why it couldn't be negotiated away, there's plenty of countries which agreed to take the Euro(Poland for example) but after the 2008 crisis, suspended the adaption indefinitely.

arethuza 10y ago
Scottish banks do indeed print their own bank notes (as do some in NI)- but they are for the GDP. Mind you, you used to get situations (a while back) where foreign exchange places in Europe would give you worse exchange rates for Scottish notes rather than English ones.
- loopbit 10y ago
  Foreign exchanges giving worse exchange rate is better than the situation I've had many times in england, were I was simply unable to pay with or exchange northern irish or scottish pounds. Someone told me that, by law, they have to accept those notes, but I still have ~40 NI pounds that I took to london on a trip a couple of years ago and had to take back with me.
  - deleted 10y ago
    [deleted]
  - doc_holliday 10y ago
    By law they have to do no such thing. It's a a very tender point with people because people get weirdly patriotic regarding Scottish Pound Notes. But they are a sort of bizzare currency. Scottish notes are a legal currency, but not a legal tender. In fact there is no such thing as legal tender in Scotland. Even BoE notes are not legal tender in Scotland. Legal tender only means you can legally pay down debts by court order in the given currency. BoE notes fulfill this job, but only in England & Wales. "Someone told me that, by law, they have to accept those notes" No, they don't even have to by law accept BoE notes in England. Only for paying down debts by law is that true. Any shop or whatever can refuse or accept anything you give them. However, to add further confusion, every single pound of Scottish notes is backed up by BoE pound sterling. In the banks that print Scottish notes (Clydedale, RBS, Bank of Scotland) they have to keep an equal ammount of BoE Sterling. They even created special notes so they could hold the currency in their vaults in Banks. You can get £1,000,000 and £100,000,000 notes called Giants and Titans, which back up the Scottish and NI pound notes. What you are legally entitled to do however (I think?) is go into any branch of Bank you have a Scottish note of and request the equal in BoE note. So if you have £20 RBS Scottish note, you can go in to an RBS branch legally and claim your BoE note with a nice picture of Adam Smith on it :)
  - deleted 10y ago
    [deleted]

arethuza 10y ago

I'm assuming you aren't Scottish (the reference to "they") but I've never worked out why people outside of Scotland get so worked up about the fate of a small and relatively obscure country.

justin66 10y ago
It's a country that experienced a diaspora - a lot of us are loosely connected, hence the interest. (It's nonsensical to call something obscure and then wonder why so many people are talking about it...)

joakleaf 10y ago

They don't need to take the Euro. They could create their own currency. Not all EU countries use Euro. I don't see why will end up like Greece. Not all countries using the Euro end up like Greece.