Nations gird their loins for Greek chaos

Most of the developed world are taking pre-emptive steps to avoid any contagion from a crisis in Greece if that country votes on Sunday for an anti-bailout government. Reuters: The threat of turmoil sweeping across global markets next week if Greece's election prompts a panicky flight of money from the euro zone has policymakers from Beijing to Zurich preparing to protect their currencies and economies from an unwelcome influx. In China, key agencies including the central bank, have been asked to come up with similar plans, sources said last week. Measures may include keeping the yuan steady and stepping up policies to stabilize the economy, they said. Swiss National Bank President Thomas Jordan is among the most vociferous, dangling the threat on Thursday of imposing capital controls to stop the Swiss franc from soaring as a result of investors seeking the currency's relative safety. "The SNB will not tolerate this," he said bluntly. Switzerland is not alone. The Bank...(Read Full Post)

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