Amid one of the worst crises in the EU's history, many financial institutions are still unsure as to the potential legal and financial implications that a possible future exit of Greece -or indeed of any nation from the single currency - may cause. Financial institutions need to urgently review their derivatives contracts to determine the true level of risk exposure and to take remedial action as appropriate. It seems extraordinary after Greece's third bailout that the possibility of a country leaving the single currency had simply not been considered. Yet the implications for derivatives contracts are extremely serious.
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