Skip to content

A Greek Default, Once Unthinkable, Now Appears Likely – Steve Rosenbush

09/12/2011

There’s a phase in every crisis when the unthinkable suddenly becomes thinkable. Concerns over the solvency of Greece shifted into that phase over the weekend, upending financial markets on Monday morning. European bank shares were hammered on Monday, led by declines of 9.8 percent at France’s BNP Paribas and 9.3 percent at Societe General. France’s biggest banks have the greatest exposure to the debt of Greece.

French banks have by far the most to lose if Greece defaults. Their exposure to the public and private debt of Greece is $56.7 billion, according to a report issued in June by the Bank of International Settlements. German banks have the next-highest level of exposure at $34 billion, BIS said. U.S. exposure is much more limited at $7.3 billion.  […]

Read More at Institutional Investor.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s