Forex: EUR/USD plunges on American morning - FXStreet.com
Finance sector prepares for Greek exit - just in case - New Statesman
No matter how unlikely the financial sector thinks Greece exiting the euro will be, it is taking every precaution possibile to make sure it doesn't get hurt by the process.
Lloyd's of London is preparing for a collapse of the single currency, and has reduced its exposure to the continent "as much as possible", according to a report in the Sunday Telegraph. Despite that, Europe still accounts for 18 per cent of Lloyd's £23.5bn of gross written premiums, with much of that concentrated in Spain and Italy, as well as the safer markets of France and Germany.
Richard Ward, the chief executive of Lloyd's, said:
I'm quite worried about Europe. With all the concerns around the eurozone at the moment, we've got to be careful doing business in Europe and there are a lot of question marks over writing business in the future in euros. I don't think that if Greece exited the euro it would lead to the collapse of the eurozone, but what we need to do is prepare for that eventuality. . .
We've got multi-currency functionality and we would switch to multi-currency settlement if the Greeks abandoned the euro and started using the drachma again.
Other institutions are putting their own houses in order. Two weeks ago, ITV's Laura Kuenssberg tweeted from a trading floor where the drachma had already been installed into the systems, and Reuters reported that a number of banks were quietly preparing for the exit, in which case those problems would be the least of their worries:
Some banks never erased the drachma from their systems after Greece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins. . .
A Greek departure from the euro would create legal and practical problems for the banks which would dwarf the relatively straightforward technical job of dealing in a new currency.
But how unlikely does everyone think exit actually is? Are they covering for an extreme black swan event, or is it something which they are all expecting? Joe Weisenthal at Business Insider provides this chart, from Credit Suisse:
For those of you without the maths skills, that's a roughly 15 per cent total chance of a Greek exit, and another 20 per cent chance of a third round of elections (which, of course, takes us right back where we are already). Not definitely going to happen, but worth preparing for in case. No one wants to shout "fire" and spark a run, but no one wants to be the last one in the burning room either.
The Business Finance Store Discusses How to Properly Value a Business - Consumer Electronics Net
May 28, 2012 --
Santa Ana, CA (PRWEB) May 28, 2012
The price of shares of Facebooks stock has dropped 17% since opening last week at $38 per share, Reuters reported. The drop in price has many concerned about not only losing money, but confidence in the stock market in general. The drop in prices in the first week has some questioning the value of Facebook. While Facebook might have been overvalued, it is far more common for small businesses to undervalue themselves. Just as Facebooks overvaluation creates issues for investors, undervaluation can be a problem for small business owners. In the recent blog post Are You Undervaluing Yourself and Your Small Business?, The Business Finance Store discusses the importance of accurate valuation for small businesses seeking financing.
Knowing how much a company is worth is no easy task. For many small businesses, this concern arises when it comes time to pay themselves. It is common for small business owners to underpay themselves for the work they do, which can ultimately be more harmful than helpful. Read more about properly valuing a business at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as: Business Financial Solutions, Legal Solutions, and Accounting Solutions.
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The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.
For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website:http:// http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Read the full story at http://www.prweb.com/releases/2012/5/prweb9547575.htm.
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