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


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.

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