European markets were hammered on Monday, with the Greek markets closed altogether, after Greece slid rapidly toward default and exit from the eurozone.
But despite the market bloodshed, the Greek default would have limited impact on the global financial system. The risk is now spread out way more than in 2010, the last time Greece got dangerously close to a default.
Foreign banks loaned just over $46 billion to Greek banks at the end of 2014. That compares to $300 billion in 2010, according to data from the Bank for International Settlements.
No single bank holds a significant chunk of this debt, so no one creditor would take too much of a hit if Greek banks collapsed.
German, American, and British banks are the most exposed — German lenders hold around $13.2 billion, and banks in U.S. and U.K. around $12 billion.
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