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.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).
...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.”
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?