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German banks have sold off enough of their Greek bonds that they are now at a manageable level; French banks have held on to theirs (or own Greek subsidiaries which hold the bonds).

So a rollover/default is something the German banks can live with, given that they have already imposed themselves a haircut. But the French banks/government are still in denial, and are soon to hit a brick wall.

Unless there is a change in ECB policy, or something.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Jun 16th, 2011 at 04:32:37 AM EST
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