Grupo Gowex, a Spanish provider of Wi-Fi wireless services, ismoving funds to Germany because it expects Spain to exit the euro.German machinery maker GEA Group AG is setting maximum amounts heldat any one bank.
“I don't trust Spain will remain in the euro zone,” said JenaroGarcia, founder and chief executive officer of Madrid-based GrupoGowex, which provides Wi-Fi access in 15 countries. “We moved ourcash and deposits to Germany because Spain will come back to thepeseta.”
European companies spent billions preparing for the euro when itwas introduced in 2000 by 11 countries. Contingency planning for anunraveling of the currency involves cutting investment, movingmoney to Germany, transferring headquarters to northern Europe fromsouthern, and even going out of business, according to interviewswith more than 20 executives.
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