Recently the news in Europe has been dominated by the precarious situation of the Euro and has led me to think about impact on businesses should Greece potentially leave the Euro. Some organisations with close links to Greece would clearly suffer. However in most cases I do not believe we will notice a lot of change. Let us speculate…. history shows that nobody, (including the Greeks) will trust New Drachma. In a purchasing environment Greek traders will turn to a safe currency – US Dollar. Their pricing will have to be competitive or buyers will look for dried fruit or olives elsewhere.
What would happen in Datagain? We will simply introduce Greece’s new currency and monitor it. Should there be a need to monitor some local produce in the new currency, we will convert the past Euro quotes at a fixed rate. Similarly (if my theory about a switch to the USD is correct) we will convert any Euro based historical prices to USD, but there we will not use a fixed rate but rather the real EUR/USD rate operating at each data point.
While we know what to do in theory the whole new situation will provide a challenge to our support team but you can be assured of their full attention!