Photo: Bloomberg Businessweek
This morning, we noted that an XGD <Currency> function—a spot price for a post-euro drachma currency—was showing up on our Bloomberg terminal.We reached out to Bloomberg’s Help Desk for an explanation, but the response was that it was “an internal function which is set up to test.”
We just received an official response via email:
In the normal course of business, Bloomberg carries out contingency planning exercises. In accordance with this, Bloomberg has planned for a number of different scenarios across all our businesses including individual sovereign default scenarios and changes of currency for individual sovereigns.
As part of this testing process, a test identifier was briefly visible to a few customers.
Oddly enough, it reminds us of what IMF spokespeople were reportedly saying about preparing contingency plans for a Spanish bailout yesterday.
If Bloomberg’s Thinking It, You Should Too…GET READY: This Is What Happens If Greece Exits The Euro >