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UK banks readying for Greek euro exit
Britain's financial firms are dusting down contingency plans for a Greek exit from the euro – an event that the head of the International Monetary Fund said could be "quite messy". Banks in the UK have been making preparations since at least November when the Financial Services Authority's top regulator, Andrew Bailey, told banks: "We must not ignore the prospect of the disorderly departure of some countries from the eurozone." ICAP, the City currency broker, is ready to reintroduce a drachma trading facility by installing a new panel on its electronic screens. Michael Spencer, its chief executive, said: "I ... (full story)
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