German, US and UK Banks Have Highest Greek Exposure

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.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza