Thursday, November 3, 2011

Banks Conduct Greek 'Fire Drills'

Banks across Europe are starting to take seriously what until now seemed only remotely possible: the withdrawal of Greece from the euro currency.

As the fate of Greece's future in the euro zone hangs in the balance, European banks and U.S. banks that operate in Europe are conducting "fire drills" to prepare for a Greek pullout. They are beefing up their hedges against Greek exposure and having lawyers review loan agreements with Greek companies. 


WSJ