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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':
As for the Greek Prime Minister, Alexis Tsipras, he talks of 'blackmail' on the part of the Eurogroup:
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.
On exit, the typical scenario will be that the exiting state would enact a new currency law redenominating its currency from the euro to a new national currency.
Bear in mind that such legislation might prevail over the contractual, common law and conflict of laws analysis that would otherwise apply.
Exchange controls are also likely to be imposed.
So what do you think? Have you already started to prepare for a Grexit? Or do you think this is all overblown? Do let us have you thoughts below.
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