HSBC has tested its cash machines in Greece to check
whether they could cope with the reintroduction of the drachma if the country
drops out of the euro.
It is the clearest sign yet that the international financial
sector believes Greece is on the brink of quitting the single currency and
returning to its former currency.
An HSBC spokesman said: ‘Like all banks, we have been
working with regulators to undertake preparatory work at multiple levels in the
event of a sovereign default, an exit from the euro, or any other eventuality.
Greece faces an election on June 17 that is widely
regarded as a vote on whether to stick with the euro.
Banking sources noted that it was the fear that Royal
Bank of Scotland customers would not be able to withdraw their money from ATMs
that marked the high point of the financial crisis in Britain in 2008 when the
Government intervened to prop up RBS and the rest of the banking sector.
The cash machine tests at branches in Athens are
understood to have been extensive to ensure that the machines are able to
handle banknotes of a different size and texture.
In a further indication that the situation in Athens
is reaching dramatic levels, the European Commission has made it easier for
Britain to underwrite business risk taken by firms that export to Greece.
This comes amid growing concern about the impact of
the worsening eurozone crisis on businesses and trade.
Credit insurer Euler Hermes last week revealed that it
was suspending cover for new export contracts to Greece, though it will
continue to honour existing contracts.
This was followed by credit insurers Atradius and
Coface announcing a similar policy.
The EC has now lifted restrictions that previously
banned countries from providing state insurance cover for exports to European
Union countries where the contract was for less than two years.
It said in a statement that the decision was taken
because of the ‘exceptional economic disturbance to the Greek economy and the
scarcity of private insurance cover for exports to Greece’.
This means that individual EU governments can step
into the breach and provide some security for firms exporting to Greece.
However, the minimum value of contract that Britain’s UK Export Finance department
will provide cover for is £20,000, which means many smaller firms may still
find they have little or no protection in place.
A spokesman for UK Export Finance said: ‘Credit
insurance applications can be made to UK Export Finance in respect of cover for
exports to Greece. Cover is granted on a case-by-case basis.’
HSBC, meanwhile, has been acting at the behest of
Britain’s Financial Services Authority, which has asked banks to examine their
exposure to risks associated with the eurozone.
Δεν υπάρχουν σχόλια:
Δημοσίευση σχολίου