BNY Mellon’s note on the emergency measures Athens would have to take
See also: A Eurozone exit: Legal implications for companies and businesses
From this morning’s Morning Briefing from BNY Mellon:
“…we need to start preparing for the possibility that Athens might end up exiting the single currency. It therefore seems prudent to revisit our discussion from a few months ago as to what a Greek exit could entail. Unsurprisingly, debate over this issue has raged amongst both academics and commentators. However, some common themes do emerge:
1. The announcement would have to come as a “surprise.” As a result it would presumably take place after the markets had closed on a Friday evening. It also seems likely that markets would remain closed for a number of days following the weekend in order that the bare minimum of financial plumbing could be carried out. A number of other announcements would have to take place at the same time.
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