Lloyd’s insurance market is pulling out all the stops in order to create contingency schemes in order to save the economy in case the euro collapses anytime soon, according to the announcement made the chief executive officer, Richard Ward.
There have been a lot of concerns given that Greece will have its election this coming month and the anti-bailout opinions are strong. There is a very strong call for Greece to make their exit soon from the eurozone.
Ward said in his interview with the Sunday Telegraph, Lloyd’s should be able to have enough preparations should Greece exit and the euro will be affected greatly.
With this, Ward suggests that Lloyd’s should settle claims with different currencies as much as possible.
According to Ward, “We’ve got multi-currency functionality and we would switch to multi-currency settlement if the Greeks abandoned the euro and started using the drachma again. I don’t think that if Greece exited the euro it would lead to the collapse of the eurozone, but what we need to do is prepare for that eventuality. I’m quite worried about Europe.”
Ward is just one of the many chief executives of big financial institutions who are planning things should the euro go down anytime soon.
Lloyd’s of London is a venue wherein syndicates and brokers come together and have an agreement to take on such risks on different matters that will affect their business.
Other than the impending exit of Greece from the eurozone, investors from all over the world, most especially in Europe, are thinking about what would happen to the other countries who are in the same boat as Greece, such as Spain and Italy.
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