German, Dutch banks well prepared to deal with Greek turmoil

FXStreet (Bali) – German and Dutch banks said on Sunday said they are well prepared for the market panic anticipated after the Greek government announced a referendum for July 5th and Greek banks were told to close for the coming week in order to prevent financial stability via capital controls.

Commerzbank, second largest German lender, said (via Reuters): “We are very well-prepared because we’ve been anticipating a situation like this for a long time.” Meanwhile, Deutsche Bank said in a statement obtained by Reuters that “the bank has sufficient safety mechanisms in place to safeguard its business activities as well as those of its clients,”

Reuters reports that Dutch banks such as ING and ABN AMRO are also well-prepared. ABN Amro spokesman Jeroen van Maarschalkerweerd said “risk management is part of our business. Thinking about scenarios is what we do, and we are prepared.”

German and Dutch banks said on Sunday said they are well prepared for the market panic anticipated after the Greek government announced a referendum for July 5th and Greek banks were told to close for the coming week in order to prevent financial stability via capital controls.

(Market News Provided by FXstreet)