Lloyd’s Preparing for Euro Collapse

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.