Reuters | Urgent messages flashed on cellphones, email alerts popped up and telephones rang for a team at asset manager Legg Mason on Friday. Dial in to a conference now, the 30-strong enterprise risk management team was told. A major event is underway.
This time it was a drill, but what Legg Mason, based in Baltimore, Maryland, wants to be prepared for is any fallout if Greece leaves the euro.
Companies around the globe will be on similar high alert this weekend as Greeks prepare to vote in an election on Sunday that could decide the future of the European single currency.
Fathers’ Day celebrations have been canceled for some, and the head of a $1 billion hedge fund based in Hong Kong is among those abandoning holiday plans to prepare for any disruption.
“We really do not think anything is going to happen, but we would rather be over prepared than under prepared,” said Joe Carrier, director of enterprise risk management at Legg Mason, which has $627 billion of assets under management.
Such war gaming has become routine for companies that have been watching the euro zone crisis intensify, but the Greek vote gives it greater significance.