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Preparing for currency turbulence - are your contracts ready?
With Euro uncertainty showing no sign of abating, the New York Times is today forecasting that Greece will be forced to withdraw from the common European currency. The impacts are, of course, unknown, but for any international company trading with Eurozone countries, they could be severe.
A few weeks ago, an IACCM member asked us to explore the state of readiness of member companies for such an eventuality. Specifically, what contractual or commercial steps had been taken (or are being taken now) through negotiation, contract terms or mitigation measures. Our survey revealed a very mixed picture, but a majority of those responding indicated that there had been no specific steps. I suspect that in some cases this reflects a lack of awareness rather than overall inactivity.
The report outlining the various measures that have been put in place will be issued shortly. Our questionnaire also sought indications of those willing to be interviewed or wishing to join a conference call to discuss the subject in greater depth (and we are currently arranging that call).
If you have input or ideas on this subject, please share them – or let me know if you would like to contribute to the conversation.
