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SAP's Snabe: No need for 'Grexit' plans

From the CNN Wire Staff
updated 1:38 PM EST, Thu November 15, 2012
  • SAP does not have an emergency plan for a "Grexit," boss says
  • Co-chief executive Jim Hagemann Snabe expects the eurozone to remain together
  • Snabe believes the Greek crisis can be isolated
  • However, he says no company is immune from the crisis

(CNN) -- German software maker SAP's boss says the company is not preparing for a "Grexit" because it expects the crisis-hit eurozone to hold itself together.

Co-chief executive Jim Hagemann Snabe told CNN he did not expect Greece to exit the common currency -- a scenario which has been dubbed the "Grexit." He said: "I see there is a strong political will to solve the situation around the euro."

Greece is a "special situation," Snabe said. He added: "We don't have a large portion of our revenue in Greece... I think the Greek situation can be isolated."

Snabe said SAP -- one of the biggest makers of business software in the world -- is well-placed despite the ongoing debt crisis in the eurozone.

He said: "We've seen double-digit growth for 11 quarters because we have the software that helps companies maneuver in this economic environment."

However, Snabe added, "no company is immune to the eurozone crisis."

CNN's Oliver Joy contributed to this report

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