Out of the eleven German banks that apparently have more than eight billion euros’ worth of exposure to Greek debt, three are said to have more than 10 percent of their total outstanding equity. In yet another document that was released by maverick reporter porta2porta on the olympia news site it was noted that Germany, by its own admission, has twice the exposure to Greece that the Guardian claims. So if Greece defaults, the fall-out will be much, much larger than people expect simply by virtue of the fact that everyone is lying about their exposure to Greece. Secondly, when and if Greece defaults, the other PIIGS (Italy, Ireland, Spain, and Portugal) will have to ask themselves… “ do we opt for austerity measures and more debt which obviously didn’t work for Greece and will only stifle our economies more, or do we simply also default?” And if you thought for a second that European bank exposure to Greece is understated,you don’t even want to know how bad exposure to Italy and Spain is!
February 18, 2012
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