Treasurers Focus on Euro Concerns

European companies take steps to prepare for a possible euro break-up.

2012 EuroFinance conference in MonacoThe fate of the euro was uppermost in the minds of delegates at the International Cash and Treasury Management conference held by EuroFinance at the end of September. According to an interactive poll, 57% of the finance executives at the conference say their company is prepared for a country exiting the euro, although only a third believe that there will be fewer countries in the euro by this time next year.

Patricia Greenfield, head of treasury operations at AstraZeneca, said the pharmaceutical company has put in place a eurozone task force and taken measures including setting up contingency bank accounts in legacy currencies in case the need arises.

Polykrati noted that treasury’s role within the organization has been “upgraded” as a result of the crisis.

She challenged the merits of keeping the euro together at all costs.  When asked for her personal views, Polykrati said that she thought Greece should have defaulted two years ago when it still had cash on hand to grow the country again.

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