The Dutch financial sector is increasingly preparing for a bankruptcy of Greece. Scenarios are taken off the shelve and risks are being discussed. However, the banks stayed mum about possible steps and likely consequences for the sector, in the case of a Greek default.It seems the Germans have decided they have had enough. With the Dutch preparing this way, following the example of their German counterparts, it would seem the decision of whether or not to let Greece default is a done deal.
Most concrete is the Rabobank. Financial executive Bert Bruggink indicated Tuesday that Greece will go bankrupt. 'It's just a question of when', he said. A spokesperson for the bank reported that Rabo has 'all scenarios' at hand for a default. 'But the same is true for all others scenarios', he added. The key to solving the Greek problem lies with politicians, according to the bank.
On August 24, Rabo iadmitted it had prepared measures totalling 104 million euros on Greek sovereign debt. At the time, the cooperative bank was exposed to Greek debt for 347 million euro.
ABN Amro does not have specific plans for a Greek default, but is looking into all risks and possibilities. A spokeperson for ING declined to confirm whether scenarios were under discussion. He did however state that ING is holding a portfolio of Greek bonds totalling over one billion euros. 'The amount in Greek bonds we still have on the books equals the profit we make in three months', he nuanced. According to ING, the Greek crisis doesn't begin to compare to the financial crisis of 2008.
At the Dutch National Bank (DNB) no-one could be reached for comment Tuesday afternoon. Minister of Finance Jan Kees de Jager (CDA) said earlier today all likely and unlikely scenarios for the future of debt-ridden Greece were discussed 'in deepest secret' with, among others, the Dutch central bank.
[UPDATE001] And hop, there it is: According to RTL News (NL) A Greek default 'is inevitable':
The bankruptcy of Greece is inevitable, according to the [Dutch] ministery of Finance. Sources have reported this to RTL News. The question at the ministry is no longer if, but in what way the Greek default will happen.
[UPDATE002] EN reporting here. Snouck has his own take here. On twitter the 'Blunt Dog' warns (NL):
Folks, the "problems" with the euro have been consciously organized to make a political EUnion "inevitable". That's how the EU rolls.Words to bear in mind the next few days and weeks. Keep a close eye on what your local governors are doing. And make sure your pitchforks are sharpened and your torches are dry.