Photo: Wikimedia Commons
Fears of a Greek default were kicked up again after the troika, consisting of the EU, International Monetary Fund (IMF) and European Central Bank (ECB), called for more cuts adding that Greece needs to lay-off 100,000 workers by 2015. This time last year, Greek prime minister George Papandreou was saying his country didn’t need more austerity measures.
Today’s teleconference with Greek finance minister Evangelos Venezelos would go some way in determining whether Greece would receive its $11 billion in aid.
Here’s a breakdown of the how each country’s overall lending and government debt exposure to Greece has changed between Q1 2010 and Q1 2011:
- Germany cut its government debt exposure to Greece by $9 billion from a year ago, and its total lending is down $19.8 billion.
- France slashed its public debt exposure by $13.6 billion from Q1 2010, and cut its overall lending exposure by $14.16 billion.
- Japanese government debt exposure is down a whopping $4.1 billion to $164 million in Q1 2011. Meanwhile overall exposure is down $4.5 billion.
- America’s public debt exposure to Greece is down $3.5 billion, while overall lending is down $4.9 billion.
- The UK’s government debt exposure to Greece is up by about $360 million, and its overall lending exposure increased by $2.9 billion for the same period.
- Italy cut its public exposure to Greece by $900 million, while lending declined $2.3 billion.
- Spanish government debt exposure is down $398 million, while overall lending is about the same.
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