Lloyd's of London preparing for Greek exit
May 28 , 2012
The insurance market Lloyd's of London is preparing for the possibility of the euro collapsing.
With anti-bailout sentiment running high and Greece facing new elections in June, fears are mounting that the country may be forced to exit the eurozone.
In an interview with the Sunday Telegraph, chief executive Richard Ward said Lloyd's was in the process of preparing contingency plans.
He told the British newspaper that Lloyd's would settle claims by using multiple currencies.
Lloyd's of London is a market in which syndicates meet brokers and agree to take on particular risks.
In addition to a Greek exit, investors are also concerned if other ailing economies such as Spain and Italy follow suit.