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As the European authorities scramble to contain the terrible toddler that is the two-year-old debt crisis, the currencies-dealing industry is clearly preparing for the worst.
Its not that anyone particularly wants the euro to break up. No one is under any illusion that it would be a highly disruptive event. Every bond, loan, savings account and bar tab would be up for redenomination into comeback-kid currencies. Happy days for lawyers, printers and cash-machine manufacturers.
Banks would rather eat glass than talk publicly about their in-house fire drills. But preparations are afoot. Having CLS and ICAP work through the details is just one part of that. Many bankers say in terms of trading, it would be a simple matter of adding a line of code to their systems. They could flip a switch tomorrow, in theory.
Originally posted by Number23
And now we see that the euro zone is getting a IMF (Read: America) bailout.
Hey euros, if you guys are so smart why do keep need America to bail you out? It's the 4th time is less than a century. If guys were as smart as smart as you say, you'd think you'd be able to run your affairs with America hand holding.