September 3rd, 2012

Driving trucks full of cash over the mountains into Greece.

U.S. Firms Ready If Greeks Decide To Drop the Euro.
Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable.


...the news might hit on a Friday night, when global markets are closed.

A bank holiday could quickly follow, with the stock market and most local financial institutions shutting down, while new capital controls make it hard to move money in and out of the country.

“Companies are asking some very granular questions, like ‘If a news release comes out on a Friday night announcing that Greece has pulled out of the euro, what do we do?’ In some cases, companies have contingency plans in place, such as having someone take a train to Athens with 50,000 euros to pay employees.”
Somebody should have a second look at that particular contingency plan, unless it includes staging the money into Greece by some other means first, because the international rail services into and out of Greece have been cancelled (again).

But they can still send cash-filled trucks over the border from Albania, Bulgaria, Macedonia, or Turkey. What could possibly go wrong with a plan like that?

Syrup Heist!

File photo from The Globe and Mail.

You may remember my post from last year about the International Strategic Reserve. They've been robbed!

From The Globe and Mail:
Quebec police are on the hunt for a sticky-fingered thief after millions of dollars of maple syrup vanished from a Quebec warehouse.

The theft was discovered during a routine inventory check last week at the St-Louis-de-Blandford warehouse, where the syrup is being held temporarily. The Federation of Quebec Maple Syrup Producers, which is responsible for the global strategic maple syrup reserve, initially kept the news quiet, hoping it would help police solve the crime quickly.


Anne-Marie Granger Godbout, executive director of the federation, said the organization is still trying to determine how much is missing and declined to offer an estimate. But a spokesman from the Sureté du Québec said the loss was significant.

“We know that it’s millions of dollars that was stolen,” said Sergeant Richard Gagné. “It’s a very large amount.”