Talk about going to the wire! After another series of all night talk it finally looks as though there is agreement across the eurozone on a way forward.
To quote Jean-Claude Juncker, the European Commission head “There will be no Grexit” – The financial markets have responded positively, but of course there is still the small matter of the Greece government having to pass the reforms that underpin the agreement by Wednesday. If this happens then whilst it won’t exactly be business as usual at least there will be a way forward and we can all collectively work on restoring something akin to normality.
For us at USB2U this is fabulous news because we have lots of clients in Greece and they have remained loyal to us over the past few years. Many of them are local photographers that take on wedding orientated assignments and come to us because of our range of popular wooden USB sticks and gift boxes but we have plenty of other more general businesses in Greece that we also supply.
Failure to reach agreement wouldn’t necessarily mean we couldn’t or wouldn’t continue to supply our Greek customers but we suspect it would make our prices and payment terms less attractive than they are today. (or have been over the past year or two).
Anyway now there seems consensus on a way forward we’re delighted because it means we can focus on what we do best and that’s working with our customers to deliver a range of amazing branded USB memory sticks – Hooray!
All we need now is for the uncertainty and mild chaos that’s rocking the Chinese Stock markets to abate and we’d be in the happy position of saying stability has been restored! Unfortunately whilst all eyes across europe have been on Greece the bigger potential crisis has been unfolding in China.
Given that all of our USB sticks are manufactured in China (we finish, e.g. print or engrave the majority in the UK but buy the core “blank” sticks from China) it’s critical to us (and our customers) that we can be assured of stability in supply and pricing.
Whilst our partner factory is not directly affected by the lurches in the stock market per se they (and we) do suffer when sentiment moves against China and the exchange rates take a hit. All USB sticks are purchased from the factories in China in US dollars so pricing is directly connected to the international financial markets.
So, whilst the deal for Greece is welcome news we’d be a lot happier if the Chinese markets could follow suit and find some stability.