Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I'd like to comment on this:

France and Switzerland most exposed to Greece's debt crisis, say analysts

The French bank Crédit Agricole was singled out by analysts at the research firm CreditSights as being particularly exposed. "It owns Emporiki Bank in Greece, which has been floundering away, and has about €23bn in loans there," Credit Sights analysts said.

This is a local bank, that mainly lends to local clients, and happens to be owned by Crédit Agricole. This has almost nothing to do with Greek sovereign debt! That banks certainly owns Greek government bonds, so does have a bit of exposure to sovereign debt, but it's unlikely to be a large part of its balance sheet.

So the actual exposure of Crédit Agricole here is unknown (there are risks associated with the recession, but Greece's is not worse than elsewhere), and this article is just stupid scaremongering.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Feb 11th, 2010 at 04:51:28 PM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series