Meanwhile, back in the real world, this is not the first story to appear on lines like these:
“Industrial conglomerate Siemens acquired a banking licence in December 2010. That allowed it to access directly European Central Bank funds, so cutting its exposure to swings in jumpy currency markets. It also took to parking cash at the ECB, once depositing €500m after withdrawing them from riskier French lenders.”
Now, with just about everyone reckoning Greece is heading for the exit, the treasury operations of multinational companies have gone into overdrive. WPP, Reckitt Benckiser and Diageo, to name just three, have taken to a daily sweep of euros from their accounts to reduce the risk of any overnight devaluation.”
Tick tock.
via Crumbling (Euro)land – By Andrew Stuttaford – The Corner – National Review Online.