Dutch diplomats help firms prepare for eventual Greek eurozone exit
Monday 08 October 2012
The Netherlands has begun secretly preparing Dutch firms for an eventual Greek exit from the eurozone, the Volkskrant reports on Monday.
The paper says diplomats in Athens have been making an inventory of the risks, planning emergency measures and have even held a secret meeting with companies.
The paper says the measures are sensitive because the Dutch government publicly states Greece must remain in the eurozone and because speculation about Greece's withdrawal could hurt the Greek economy even more.
Closed doors
‘We kept this behind closed doors deliberately. We do not want to awaken any sleeping giants,’ one diplomat told the paper.
The meeting with Dutch companies was held in June and companies used to it exchange information about their preparations for a Greek exit. For example, some firms have made their financial systems ready to deal with a new currency.
However, fears that Greece may leave the eurozone have been dampened in recent months, the paper points out.
The foreign affairs ministry refused to comment on the claims because of 'security concerns', the Volkskrant said.
Are companies right to get ready for a Greek exit? Have you say using the comment box below.
© DutchNews.nl
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Yes they are right. And Greece will exit the Eurozone. This is only a matter of time but it is inevitable.
By the_expat | 8 October 2012 9:25 AMI love how the whole operation is 'secret', yet I just read about it. Fear not the sleeping giants from across the speculators'ponds then...
A Greek.
By ria | 8 October 2012 9:28 AMExcuse me for asking but what 'security concerns'?
By bruce | 8 October 2012 9:42 AMApparently not so secretly.
But as long as the situation in Greece is not a result of fair play by the Greeks, I don't see why a company should not take care of itself.
By George | 8 October 2012 2:35 PMGuess Greece will not be the only one to exit.
By ufo | 8 October 2012 3:29 PMPreparing for a Greek Euro departure is called Risk Management. Every world economy with significant exposure to the Greek financial debacle will prepare for a worst-case scenario... it does not mean it is inevitable, just that it is possible, and it pays to be prepared in case. All corporations do this, even to the extent of keeping reserve capital (euros) aside to pay their employees if their is a run on the banks, etc.
By Quince | 8 October 2012 3:52 PMAre people really still blaming the individual Greeks for the situation they are in? I find it very sad that so many are quick to form an opinion peddaled by the MSM and adopt it as mantra. It says a lot about us, we don't like complicated answers.
By Dr Ponzi | 8 October 2012 4:08 PMOkay: so Greece leaves the Eurozone. Where is it going to borrow the money from to finance its deficit and its spending?
There is very little in the way of tax revenues, and a large amount of spending.
It doesn't add up.
Fed to the markets, Greece might last ten minutes. Leaving the Eurozone would be an act of economic suicide. Staying in is not pretty, but far nicer than the alternative.
By Gemma | 8 October 2012 4:25 PMSorry if this is an ignorant question but what about what about the billions in bail out. Is that about to go "up in smoke"?
By Michael | 8 October 2012 6:34 PMIsn't the fiscal responsibility for a companies management to prepare of possible contingencies?
Of course, they are right.
As others have mentioned; so much for secrecy. Why is the name of this 'one diplomat' mentioned?
By wilber | 8 October 2012 7:23 PMSo much for diplomacy.
November;... is the most common prediction I've heard these last months.
By Wandjina | 8 October 2012 11:03 PMIt seems unbelievably soon,.....but inevitable events have a way of building up, crossing a certain threshold,... and then peaking to conclusion with surprising rapidity.
There were two interesting articles directly next to each other in Satuday's NRC ; Opinion & Debate.
The commentary, and the rest of the article on ageing( by Heleen Crul),... and the difference in how the aged are viewed by the rest of society in northern and southern European lands.
The first concluded with general fears for a Greek society ejected from the eurozone.
The second however suggested that they may very well end up a happier and healthier country by leaving a club which seems to know the price of everything,... and the value of nothing.
Is this really news? To me it is not surprising that companies and governments are making contingency plans. It is also not surprising that these activities would be done on the quiet for fear that they might become a self-fulfilling prophecy. I would be very worried if Dutch companies operating in the Greek and other stressed economies were not taking such steps.
By the other guy | 9 October 2012 11:29 AMSecret? Ah a "public secret"! The public knows but politicians still have no clue!
By eddy | 9 October 2012 4:06 PMAs unemployment grows, public services are slashed and billions of Euros go to bailing out the banks, and the continent's hard pressed taxpayers are being asked to embrace austerity and contribute more. For several months, the Bureau of Investigative Journalism has been looking into EU finances, and it has uncovered evidence of massive fraud.
By Highlander | 9 October 2012 4:22 PMhttp://www.aljazeera.com/programmes/peopleandpower/2010/12/20101217753800140.html
I liked, It is a story that we don't know when it will end, Why don't all the european countries work under one currency like the USA? 17 countries might not be enough to save the euro!!
By Dalla | 10 October 2012 3:03 AMI think the word "eventual" is used incorrectly here. The Dutch version of the word means more like "if necessary". Just thinking that it might change the tone of the article a little bit to some people...
By Kaccie Li | 10 October 2012 7:45 AM