In recent months, the eurozone crisis has been continually in the news, including speculation as to whether one or more EU states may leave the eurozone.

In extreme form the crisis could result in some or all of the following “euro events” in respect of one or more of the weaker eurozone members (a potentially “exiting state”):

- a dramatic loss of confidence in the ability of the exiting state to maintain its financial creditability;

- transfer of funds away from financial institutions in the exiting state by domestic as well as foreign depositors

- fund transfers accelerate into a run on the banks...