Grappling with a Grexit: what should lawyers be advising businesses now?

Grappling with a Grexit: what should lawyers be advising businesses now?

It has been a febrile few days in Greece with the prospect of a Greek exit from the euro looming.

Jean-Claude Juncker the President of the European Commission has spoken of being 'betrayed':

https://youtu.be/Wxr4psngBzE

As for the Greek Prime Minister, Alexis Tsipras, he talks of 'blackmail' on the part of the Eurogroup:

https://twitter.com/tsipras_eu/status/615614954885005312

So what are businesses which trade with Greece supposed to make of all this? How are they supposed to read between the lines of all this political posturing?

We set out below some tips on what businesses and their legal advisers should be thinking about.

Clearly, a Greek departure from the Euro zone is likely to present an existential crisis for the single currency. That said, it doesn't necessarily need to be the end of the world for businesses which trade with the country. While they are likely to be badly affected, there are steps that can be taken to minimise the challenges which are looming over the Hellenic Republic.

Steps to consider now

  • Identify the risks that may be faced, evaluating each risk and considering possible measures to reduce, avoid or transfer such risks
  • Set out, if necessary, a priority list of matters that would need to be dealt with on an exit and during each phase of an exit
  • Determine the key staff who will deal with the issues arising out of an exit
  • Update the exit plan regularly and in light of any new developments or likely developments

Initial steps if there is a euro exit

  • If a e

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