Banks are preparing for a possible euro collapse.
Banks around the world are preparing for the possible collapse of the euro as fears of the European debt crisis increase.
Several banks are even installing systems capable of coping with trading in old European currencies.
Meanwhile finance firms, corporations, and different governments have also turned to plans that aim at preparing them for harsh times.
Regulators have asked banks in the US and UK to provide updates on readiness levels in case of a possible euro collapse.
Some corporate firms have also started transferring their cash on a daily basis out of European countries, including debt-ridden Greece instead of once every two weeks.
Europe has for months grappled with an economic and financial crisis. Insolvency now threatens in-debt countries such as Greece, Portugal, Italy, Ireland and Spain.
Since its formation, the European Union had been a haven for those seeking refuge from war, persecution and poverty in other parts of the world.
The worsening debt crisis, however, has forced European governments to adopt harsh austerity measures and tough economic reforms. Tens of thousands of Europeans are migrating from their homelands as a result of these difficulties.
There are fears that more delays in resolving the eurozone debt crisis could push not only Europe, but also much of the rest of the Western world back into recession.
SZH/JR/HGH
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