Weighing up Grexit

BofA Merrill Lynch Has Looked Into Sending Truckloads Of Cash To Greece

 

Business Insider,

3 September, 2012-09-04

Economists and policymakers continue to weigh the odds of a Greek exit from the euro currency union.  Citi's economics team thinks the odds are 90 percent. Meanwhile, policymakers tend to argue that an exit would be unacceptable.

For practical purposes, however, large banks and companies must be prepared for even the smallest chance that the Greek exit does occur.

The New York Times' Nelson Schwartz talks about some of these plans in a new front page feature.

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.
...

JPMorgan Chase, though, is taking no chances. It has already created new accounts for a handful of American giants that are reserved for a new drachma in Greece or whatever currency might succeed the euro in other countries.