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News / Brèves / The Euro Is Crumbling; British Empire Prepares War-Style Measures 25 May 2012 While the G-8 meeting on May 18-19 and the Eurozone heads-of-state summit on May 23 were piously promising to prevent Greece from exiting the euro-zone, quiet war-style preparations were already underway by the British to deal with the exact opposite situation: the financial tidal wave that will be unleashed across Europe when Greece is either forced, or chooses, to quit the euro. On Monday, May 21, a teleconference meeting of the European Working Group (EWG), the so-called experts who work for euro-zone finance ministers, instructed member nations to begin making plans for a Greek exit from the Euro, and to calculate costs that each country would have to absorb on its own. The open planning for a Greek exit, or "Grexit," as the idiots in the financial world have taken to calling it, combined with runs on both Greek and Spanish banks, led to flight out of the euro currency itself yesterday. Yesterday’s Financial Times reports that "asset managers and pension funds were yesterday cutting their euro exposure and moving into dollars," according to a Citibank report. "It looks like real panic, but it could get worse," a manager for the AXA insurance giant told the Financial Times, "unless policy makers act decisively and massively"— meaning immense new bank bailouts that would unleash uncontrolled hyperinflation. Julian Jessop, chief global economist at London-based Capital Economics, is quoted in the Financial Times piece adding: "Whatever the reasons it has held up so far, the euro does now finally seem to be crumbling." If Greece does exit the euro, there would be a 46-hour window of opportunity to stop the entire bankrupt world system from melting down, according to British "war-gaming" exercises reported by Bloomberg yesterday. Although couched in terms of what Greece would have to do, the exercise clearly is talking about the whole global system. Among the experts cited is Italy’s Lorenzo Bini Smaghi, until recently a member of the ECB’s executive board, and a top British asset. "Greece may have only a 46-hour window of opportunity should it need to plot a route out of the euro," the Bloomberg piece begins. "That’s how much time the country’s leaders would probably have to enact any departure from the single currency while global markets are largely closed from the end of trading in New York on a Friday, to Monday’s market opening in Wellington, New Zealand, based on a synthesis of euro-exit scenarios from 21 economists, analysts and academics. Over the two days, leaders would have to calm civil unrest while managing a potential sovereign default, planning a new currency, recapitalizing the banks, stemming the outflow of capital and seeking a way to pay bills once the bailout lifeline is cut. The risk is that the task would overwhelm any new government..."