Business strategy and contingency planning for the eurozone
The situation in the eurozone has global consequences and has the potential to cause operational difficulties for many companies. On this page we have highlighted a number of resources that can help you develop and update contingency plans and adopt practical strategies to prepare for further disruption.
Guides and briefings
Greece updates: Advice for UK citizens and businesses
Regularly updated guidance from Gov.uk with links to further information on the UK's contingency planning, travel advice and advice for businesses.
Greece has introduced temporary capital controls: Guidance for businesses
Department for Business, Innovation & Skills and HM Treasury, 29 June 2015
Greece has announced that they are introducing capital controls on the movement of currency. If you trade with Greece, or you rely on suppliers there, you may find that you are directly affected by the situation. The guidance covers key issues, including:
- Contracts and dealing with contract issues
- Trading in Greece
- Working with suppliers
- Trading with Greece in the future
- Transfer of money
- Frozen payments
- VAT refunds from Greece.
Consequences of a eurozone exit: Corporate briefing
Hogan Lovells, June 2015
Detailed briefing examining key risks relevant to businesses, with a checklist of action points. The report covers:
- Impact on business structure, cash flow and trading operations
- The ‘ripple effect’ – dealing with wider risk issues (including directors' duties, pension schemes and finance documents)
- The impact on mergers and acquisitions and joint ventures.
The firm has also produced a separate Checklist of issues for finance documentation.
Euro contingency update – Greece
Association of Corporate Treasurers and Deloitte, June 2015
Updated version of the ACT's briefing note giving a checklist of action plans for corporate treasurers in the event of Greece exiting the eurozone. Readers are advised to also refer to the original briefing note, Euro contingency planning.
Greece three years on
Clifford Chance, Client Briefing, May 2015
Briefing paper looking at how circumstances in Greece have changed since the sovereign debt crisis in 2011 and suggesting how organisations must update their contingency plans based on a number of wide-ranging scenarios.
It’s all Greek to me: A business guide to coping with the euro-crisis
Institute of Directors, January 2015
A practical guide from the IOD which assesses the potential implications of a Eurozone exit and the impact this would have on businesses. The guide includes a short business action list.
ISDA: Eurozone contingency planning
International Swaps and Derivatives Association
The ISDA provides links to briefing notes from member firms dealing with key legal issues and the potential impact on derivatives. The association has also produced its own updated contingency planning document.
The eurozone crisis: corporate risk management for retirement benefits – a guide for contingency planning
Allen and Overy, September 2012
A guide published by international law firm Allen and Overy looking at the potential impact of the eurozone crisis on retirement benefits. The guide looks at the potential issues for employers, pension funds and trustees/managers.
Sovereign default, bank default, eurozone exit and related issues: Is your business prepared?
Slaughter and May, July 2012
A practical guide to contingency planning and legal risk management from international law firm Slaughter and May. The publication provides a step-by-step approach to contingency planning for the eurozone crisis and lists some action points that might be considered in a test of preparedness for a eurozone exit. It also includes a look at what is happening in practice within financing arrangements, financial reporting and debt issuance documentation.
The business impact of a Greek eurozone exit
D&B, April 2012
A D&B special report which looks at the background to the eurozone crisis and explores the consequences of a Greek exit from the eurozone. The report concludes with a set of recommendations to help companies minimise their exposure.
Eurozone crisis – five practical strategies
KPMG, December 2011
A short paper from KPMG which looks at five practical strategies that can help businesses cope with the challenges presented by the eurozone crisis. The authors answer five questions:
- Immediate defensive actions – what actions can I take now?
- Immediate trading response – what can I do now to preserve value in the current market?
- Continuity planning and contingency planning – what plans should I develop now to deal with the prospect of a default or country exit from the eurozone?
- Group-wide consequences – Have you thought about the impact on the business as a whole?
- Operating in a fundamentally different environment – How can I turn the situation to my advantage?
The euro and currency unions
Allen and Overy, October 2011
Explanatory paper from the Allen and Overy Global Law Intelligence Unit looking at what would happen if the euro broke up and the potential impact on sovereign states, corporations and banks, with a special focus on the arising legal obligations.
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