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Could the crisis in Greece affect online sellers?

The debt crisis in Greece has dominated the headlines for months, particularly in the last week or so, as the country missed a repayment of €1.5 billion to the International Monetary Fund (IMF) on 30 June.
So far, the euro has demonstrated some resilience. It slipped to a four-week low last week, but stayed a solid 10% higher than its lowest point for 2015 so far. The euro appeared to be able to avoid most of the fallout from Greece’s slings and arrows.
On Friday (10 July), the euro saw its biggest increase for five weeks, on the back of hopes that Greece is on the verge of striking a deal with it the European Central Bank, European Union (EU) and IMF, as it submitted new proposals that French president Francois Hollande described as “serious [and] credible”
International marketplace sellers have likely been watching the events in Greece closely, with their most pressing questions being, “How will the crisis affect my business?”, and, “Could a weak euro affect my profits?”

What would happen if the latest reforms are rejected and Grexit becomes reality?
Even if you don’t have any assets or operations based in Greece, you wouldn't necessarily be protected against any market repercussions if the country leaves the Eurozone. That damage could be far-reaching, so businesses must prepare as best they can for the unexpected.
Whether you buy from suppliers in the EU or sell to them, you are in some way exposed to the volatility in the market.
In response to Sunday’s No vote in the Greek referendum, the euro demonstrated how unstable it can be by spiking. The best way marketplace sellers can protect themselves against foreign exchange fluctuations is to factor in any variations into business forecasts, as volatility has the potential to take a large chunk out of a seller's profits.

How can you protect your profits?
To spot any signs of change, international sellers need to monitor the market closely and regularly check foreign exchange rates. In some cases you may need to take a risk and delay buying or selling currency if the rate is unimpressive, or just go ahead and absorb the impact.
You could also hedge, so that when the rate moves in your favour you can cover all or part of your exposure by booking a forward contract. This would lock in the exchange rate for a transaction on a future date. This offers some protection against fluctuating rates, meaning if the euro falls, you won’t be seriously affected and it allows for effective budgeting.
Europe and the rest of world now has to wait until Sunday to see if Greece's proposals are acceptable to its creditors.  

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