Courtesy of this morning’s Gartman Letter, we get a nice glimpse of which countries are the most exposed to Greek debt.
People in the U.S. can breathe a sigh of relief that we’re not first on the list, but francophones should be freaking the franc out:
The Gartman Letter: Looking at the chart the page previous (in German and for that we apologise, but our non-German speaking clients can still see what the chart wants to make rather clear) indicating which county’s banks have the greatest exposure to a Greek default:
France: $75.7 billion
Switzerland: $64 billion
Germany: $43.2 billion
US: $16.4 billion
UK: $12.3 billion
The Netherlands: $11.8 billion
All Others: $79.4 billion
In the end, the German exposure to Greece may be its saviour . Merkel may be loathe to bail out “Club Med,” but if it means her banks get whacked, what can she do?