Lawyers plan for possible eurozone break-up

"Lawyers plan for possible eurozone break-up" is the title of an Article from The Financial Times.

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An obligatory shutdown of the banking sector, exchange controls and mass litigation resulting in judgments that cannot be enforced. . . These are among the adverse effects that lawyers and advisers are now modelling for clients amid fears that a country could leave the eurozone.

Companies and legal experts are planning for the worst as European Union leaders engage in a frenetic week of talks and diplomatic arm-bending to save the euro.

Leading US and UK legal firms have mobilised teams for clients – ranging from banks, corporates and hedge funds to governments – to try to spell out the implications of what happens if the eurozone starts to fall apart. Their worst-case forecasts show how high the stakes are.

“Clients have a lot of queries, some of which are EU-specific, like how a country could exit the euro and what the timetable would be,” said Jay Modrall, a Brussels-based partner at Cleary Gottlieb Steen & Hamilton, the US firm advising the Greek government.
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