The World's Largest Banks Are Girding Themselves For A Grexit

greece flag

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The world’s largest banks have hundreds of employees ready for this weekend’s potential crisis: the Greek election. In a Saturday report for Dealbook, Peter Eavis documents the drills taking place at banks like Citigroup, Morgan Stanley, and Goldman Sachs. 

Eavis finds that unlike the 2008 crisis that firms were largely unprepared for, banks have set up teams and led conversations with clients on what a Greek exit from the euro could mean.

From Dealbook:

In New York and London, banks have set up dedicated crisis teams, and rehearsed elaborate responses. As clients get nervous, banks have been guiding clients on how to react to a range of situations, from just one country leaving the euro zone to the dissolution of the euro itself.

And banks are not the only institutions to begin testing situations where the drachma was suddenly the currency-of-choice in Greece.

Earlier this year, Business Insider reported that Bloomberg had begun to test the drachma in its systems under the ticker symbol XGD

The currency showed up on many terminals before the company pulled access.

SEE ALSO: The 20 countries most likely to default >

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