Lawyers weigh implications for contracts
By Caroline Binham
May 16 2012
The prospect of mass litigation, enforced currency and capital controls, and an obligatory shutdown of the banking sector in a country leaving the euro have forced companies to tighten contracts and scrutinise their supply chains in order to minimise exposure to Greek counterparties.
This contingency planning is harder because it is uncertain how a eurozone exit would play out.
“Even if there was consensus for a country to leave in, say, three months, if you announce that the euro will cease to be the currency of a particular country in three months’ time, what would happen in the intervening period? The exchange controls, the capital controls, the tanks at the border – they’d ...
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