CMS Guide: Eurofit – managing the risks arising from the Eurozone crisis
The impact of the vote against the bailout terms in the Greek referendum, Greece's failure to meet one of its repayments to the IMF and its introduction of capital controls are starting to have a noticeable effect. Some commentators are reporting that Greek banks could collapse within days if they don't get emergency liquidity from the ECB. Greek citizens can no longer transfer money abroad, are limited to withdrawing €60 a day and are prohibited from making payments to foreign companies. The restrictions on the use of credit cards for foreign payments are also being felt by the online payment market, which relies on money transfer services to make and receive transactions across the globe. In this guide we explore some of the key issues associated with a possible Eurozone fragmentation, such as a Greek exit from the Eurozone.