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Reply #52: How business is preparing for Eurogeddon [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 09:10 AM
Response to Reply #23
52. How business is preparing for Eurogeddon

Eurozone leaders may insist that a euro break-up is never going to happen but some banks are no longer so sure, points out the New York Times.

Banks including Merrill Lynch, Barclays Capital and Nomura issued a cascade of reports examining the likelihood of a breakup of the euro zone. The euro zone financial crisis has entered a far more dangerous phase, analysts at Nomura wrote on Friday. Unless the European Central Bank steps in to help where politicians have failed, a euro breakup now appears probable rather than possible, the bank said.

The New York daily of report expresses surprise that banks in big euro zone countries that have only recently been infected by the crisis do not seem to be nearly as flustered.

"While in the United States there is clearly a view that Europe can break up, here, we believe Europe must remain as it is, said one French banker, summing up the thinking at French banks. So no one is saying, We need a fallback.

The Financial Times has followed up on this story with a report that international companies are preparing contingency plans.

Car manufacturers, energy groups, consumer goods firms and other multinationals are taking care to minimise risks by placing cash reserves in safe investments and controlling non-essential expenditure. Siemens, the engineering group, has even established its own bank in order to deposit funds with the European Central Bank.
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