{"id":4403,"date":"2015-01-11T17:12:11","date_gmt":"2015-01-11T22:12:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4403"},"modified":"2015-01-11T17:12:12","modified_gmt":"2015-01-11T22:12:12","slug":"citi-goldman-icap-and-others-preparing-for-grexit-again","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4403","title":{"rendered":"Citi, Goldman, ICAP And Others Preparing For Grexit, Again"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-11\/citi-goldman-icap-and-others-preparing-grexit-again\" target=\"_blank\">Citi, Goldman, ICAP And Others Preparing For Grexit, Again<\/a><\/h3>\n<p>Every couple of years the same identical European drill repeats itself: 1) Greece makes loud noises as it approaches an election, 2) Europe says it couldn&#8217;t care what the outcome is and that Greece\u00a0<em>should\u00a0<\/em>stay in the Euro but if it exits\u00a0<em>it won&#8217;t be a disaster<\/em>, 3) the ECB reminds everyone of the lie that it is\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2014-05-15\/when-head-european-central-bank-lies-zero-hedge-record-presenting-europes-plan-z\">not preparing for Plan B\u00a0<\/a>(it is) despite holding on to over \u20ac100 billion in &#8220;credibility-crushing&#8221; Greek bonds, 4) panicking Greek banks say the deposit outflow situation is completely under control (adding that &#8220;<a href=\"http:\/\/www.ekathimerini.com\/4dcgi\/_w_articles_wsite2_1_11\/01\/2015_546108\">The Bank of Greece along with the European Central Bank are monitoring closely the developments and intervene whenever this is necessary<\/a>,&#8221; which is code word for far more familiar, five-letter word), and meanwhile 5) all non-Greek banks quietly start preparing for the worst case scenario.<\/p>\n<p>So far this time around, we had everything but step\u00a0<em><strong>&#8220;5&#8221;<\/strong><\/em>. We do now.<\/p>\n<p>According\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/banks-ready-contingency-plans-in-case-of-greek-eurozone-exit-1420975504?autologin=y&amp;cb=logged0.7994115486744605\">to the WSJ<\/a>, &#8220;banks and other financial institutions in Europe are stress-testing their internal systems and dusting off two-year-old contingency plans for the possibility Greece could leave the region\u2019s monetary union after a key election later this month.\u00a0<strong>Among the firms running through drills are Citigroup Inc., Goldman Sachs Group Inc. and brokerage ICAP PLC, according to people familiar with the matter.&#8221;<\/strong><\/p>\n<p>And soon enough Bloomberg, because who can possibly forget the mysterious appearance of the &#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/whats-wrong-picture-0\">XGD Crncy&#8221; in June of 2012<\/a>, only to disappear moments later after a few hurried phone calls from Frankfurt&#8230;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi, Goldman, ICAP And Others Preparing For Grexit, Again Every couple of years the same identical European drill repeats itself: 1) Greece makes loud noises as it approaches an election, 2) Europe says it couldn&#8217;t care what the outcome is and that Greece\u00a0should\u00a0stay in the Euro but if it exits\u00a0it won&#8217;t be a disaster, 3) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1718,233,284,376,1167,2599,2598,2600],"class_list":["post-4403","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-citigroup","tag-ecb","tag-european-union","tag-goldman-sachs","tag-greece","tag-greek-bonds","tag-grexit","tag-icap"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4403"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4403\/revisions"}],"predecessor-version":[{"id":4404,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4403\/revisions\/4404"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}