Bloomberg News

VW Finance Arm Hedges Against Euro Breakup, Automobilwoche Says

June 24, 2012

Volkswagen AG (VOW)’s finance arm is making risk provisions for the possible exit of some euro-area countries from the currency union, Automobilwoche quoted Frank Witter, the unit’s head, as saying in an interview.

Braunschweig, Germany-based VW Financial Services AG is running possible scenarios and aims to protect itself against major turmoil in the euro area, Witter, the unit’s chief executive officer, was quoted as saying in comments on the magazine’s website.

While the euro wouldn’t necessarily collapse if Greece left the currency union, the contagion risks can’t be forecast reliably, Witter was quoted as saying.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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