GlaxoSmithKline (NYSE: GSK) and other multinational companies are taking steps to prepare means of transferring funds in the event the euro currency fails, according to The Guardian newspaper in the U.K.

“As part of our standard risk management practice, GSK has undertaken planning to optimize its operations in the event of a country leaving the eurozone,” GSK told the newspaper. “This includes preparations to ensure uninterrupted flow of the funds that are needed to continue the operations of our business.”

The ongoing financial crisis in Europe is threatening the multi-national currency.

The Guardian described the moves by GSK, Unilever, Vodafone and others as “thinking the unthinkable and planning for the collapse of the euro.”

“Companies are reluctant to go into detail about what they would do if faced with what analysts agree would be a financial catastrophe,” The Guardian reported. “But audit and risk committees, staffed by non-executive directors, are examining worst-case scenarios across Britain.”

One economist told the newspaper that if some countries ditch the euro their own national currencies would face “dramatic devaluation” when converted to British sterling, thus affecting corporate profits. Contracts requiring payment in euros also would be affected. Further, companies’ assets in countries bolting the euro also could be affected.

Read the full report here.

GSK operates its U.S. headquarters in RTP and employs some 5,000 people in the area.

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