Tuesday, 7 July 2015

E-Day for Greece: What will Euro-exit mean for IT?

One Friday, maybe even this week or next, the Greek prime minister will re-convene Parliament to make an important announcement: as of the following Monday, he will say, the euro will no longer be legal tender in Greece.

Instead, the country will re-adopt the drachma and all deposits in Greek banks will be converted back to the old currency at an arbitrary rate.

Accounts will be frozen and the people of Greece will be invited to spend the weekend queuing at their bank to convert a limited amount of euros to drachma if they wish to be able to buy essentials.

Over the course of that weekend, much ink will be spilt in the press reporting on the event from almost every angle.

But one consequence that is likely to be overlooked is the impact on IT professionals across the world, who will be called in to work around the clock to patch financial and other critical business systems. Until they can be sure that their organisations’ IT infrastructure will not miss a single euro-cent on Monday morning, it is unlikely they will be getting much sleep, let alone going home.

And after “Grexit”, who knows where it might end?

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