While Greece is trying to avoid defaulting on its debt, American companies are preparing in case the European country is forced to leave the euro zone, NBC News is reporting. Bank of America Merrill Lynch has considered sending cash to Greece so clients can continue playing local employees and suppliers in the even money is unavailable. Ford has also changed its computer system to immediately handle a new Greek currency.
The world doesn’t know how Greece leaving the euro zone would affect international economics. American banks and consulting firms have been advising their corporate clients on how to prepare if the euro zone is splintered.
The European Central Bank is planning on considering measures on Thursday that would ease the pressure on countries deprived of cash. However, JPMorgan Chase has already created new accounts for a handful of American giants that are reserved for the new currency that might succeed the euro across the continent.
Stock markets worldwide have rallied on hopes that European leaders will solve the continent’s debt problems. But many executives are skeptical that Greece will follow the fiscal policies that are being demanded in return for financial assistance.
Greece’s abandonment of the euro would most likely create turmoil in international markets. It would also increase the pressure on Italy and Spain, much bigger economic powers that are struggling with their own debt problems.
Written by: Karen Benardello