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Updated 20:26 08/05/21

UK Starts to plan for Grexit?

By Duncan Richardson, News Editor

18 Jun 2015

Downing Street have confirmed they are drawing up contingency plans should Greece default and exit the Eurozone.

Eurozone finance ministers are scheduled to meet later today, but there is little chance of a break through after the Greek Prime Minister questioned the morality of the EU and IMF. Greece only has few of days left to broker a deal before its current bailout deal expiries. Without a new deal, Greece will be unable to access the 7.2 bn euros which were previously promised by the IMF and EU.

Depositors are withdrawing millions of euros out Greek banks, sending deposit levels to multi decade lows. The UK government is preparing for the introduction of capital controls which could include limiting the amount of cash depositors Greeks can withdraw from their banks.

The Treasury is also examining the potential impact on UK banks and wider global economy. Many traders fear a Greek default will cause debt yields across the continent to surge putting pressure on already distressed government finances.

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