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A lot of the French and German banks' exposure to these countries is through direct ownership of banks there. I fail to see why these local banks would be in any worse position than the other local banks, which are not necessarily in a bad way because of public sector deficits (other than the fact they probably own quite a bit of government bonds, but that's still a fraction of their balance sheets, and in their case it makes sense to have your own government's bonds...

Wind power
by Jerome a Paris (etg@eurotrib.com) on Sun Jun 20th, 2010 at 11:39:09 AM EST
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