Skip to comments.US companies conduct fire drills in case Greece exits euro
Posted on 09/03/2012 8:17:16 AM PDT by John W
Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone.
Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency.
No one knows just how broad the shock waves from a Greek exit would be, but big American banks and consulting firms have also been doing a brisk business advising their corporate clients on how to prepare for a splintering of the euro zone.
That is a striking contrast to the assurances from European politicians that the crisis is manageable and that the currency union can be held together. On Thursday, the European Central Bank will consider measures that would ease pressure on Europes cash-starved countries.
(Excerpt) Read more at msnbc.msn.com ...
Sounds like a great set-up for a heist movie.
That was in the original sub-headline and is what really caught my eye. I’m sure some smart freeper economists will come on to explain how that is an expected, normal part of a back up plan and to just move along, nothing to see here.
The previous currency was called the drachma. The new currency will be called the fachma.
They'll print more dollars and send them to where they won't come home. The dollar then becomes 'the default world currency' (pun intended).
Thanks John W.
Well the thing to “see here” is whats not here.
As in who will be printing the new currency seeing as how Greece doesn’t have currency printing presses anymore.
That will have to be contracted out well in advance & certainly paid for well in advance with Euros.
Then there will be really something to see here and the euro breakup can begin!
This is all just election year sensationalizing headlines for election purposes. Everything is fine...move along.