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The French banks cut their Greek exposure massively in late 2010.

Another possibility is that the French banks understand that they will get cents on their € from Greece, but want their Spanish and Portuguese bonds to mature and be rolled over before Greece makes an unequivocal demonstration to Spain and Portugal that default is not the end of the world. But that's data-free speculation on my part.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 16th, 2011 at 04:51:47 AM EST
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