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Companies Hedge EU Debt Crisis

Vodafone sweeps all spare cash out of Greece every evening.

By Jonathan Browning and Amy Thomson, Bloomberg | Updated on February 09, 2012

Vodafone Group Plc is moving cash from Greece into the U.K. “every evening,” mirroring efforts by companies such as GlaxoSmithKline Plc, WPP Plc and Reckitt Benckiser Group Plc to hedge against the European debt crisis.

Vodafone, the world’s biggest mobile-phone company, is also looking at billing in a different currency “if the situation arises,” Chief Financial Officer Andy Halford said on a conference call today. Asked about the possibility of a Greek default, he said “it’s obviously something we’ve been having a close look at.”

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