Key to maintaining preparedness for fallout from the Eurozone crisis is for tax, legal and treasury colleagues to be in open dialogue. The flow of funds across borders, either through repatriation or new financing, will have tax as one of the key considerations; whether that’s withholding taxes, transfer pricing or the form of new money. In a fundamental refinancing, waiver of intra-group debt, buying back debt in the market and undertaking debt for equity swaps may all be on the agenda and require tax analysis. If the worst happens, and a Eurozone currency is redenominated, the law governing contracts and financing instruments will be vital to determining the tax impact.