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A European Union left and the Greek flag wave above the ancient Parthenon temple, at the Acropolis Hill, in Athens. AP Photo/Petros Giannakouris
Explainer

Explainer: If Greece goes bust, who gets crushed?

Take a look at who is the most exposed when it comes to the possibility of a Greek default…
7.15am, 16 Sep 2011
2.5k
8

IN THE PAST few months Greek Prime Minister George Papandreou passed new measures that cut wages and raises taxes, to help Greece meet deficit targets necessary for its next tranche of loans.

Protesters took to the streets to oppose the measures, with violent clashes on the streets of Athens. When ECB president Jean-Claude Trichet announced that Greece most likely will receive the next round of funding European markets barely reacted to the news.

But the rest of Europe still needs to approve the new bailout agreed in July. If there is no consensus, Greece will likely be unable to pay its bills, and will default on its debt.

If that happens, who will get slammed?

Explainer: If Greece goes bust, who gets crushed?
1 / 18

  • Japanese banks

    Japanese banks hold €311 million in Greek debt. Image: AP Photo/Koji Sasahara, File

  • Spanish banks

    Spanish banks hold €389 million in Greek debt. Image: AP Photo/I.Lopez

  • US banks

    US banks hold €1.08 billion in Greek debt. Image: David Davies/PA Archive/Press Association Images

  • Italian banks

    Italian banks hold €1.7 billion in Greek debt. Image: AP Photo/Gregorio Borgia

  • UK banks

    UK banks hold €2.4 billion in Greek debt. Image: Matt Morton/PA Wire

  • French banks

    French banks hold €10.8 billion in Greek debt. Image: AP Photo/Pool/Philippe Wojazer

  • German banks

    German banks hold €16.3 billion in Greek debt AP Photo/Michael Probst

  • Greek banks

    Greek banks hold €45.3 billion in Greek debt. Image: AP Photo/Petros Giannakouris

  • Greek banks downgraded by S&P

    Rating agency Standard and Poors has said that the financial profiles of National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank are exposed to significantly heightened risks. Image: AP Photo/Kostas Tsironis

  • Downgraded French banks

    This week Moody's downgraded the credit ratings of French banks Société Générale and Crédit Agricole as investors fretted about their potential exposure to Greek debts. BNP Paribas has avoided a downgrade so far. Image: AP Photo/Jacques Brinon

  • Bulgaria and Romania

    Bulgaria and Romania's banking sectors are heavily dependent on the Greek banking system. A banking collapse in Bulgaria and Romania would have a knock-on effect on Hungary. Image: AP Photo / Petar Petrov

  • Austrian banks

    Austrian banks like Erste Bank and Raiffeisen have considerable interests in Eastern European countries like Romania and Hungary, leaving them exposed if Eastern Europe feels the knock on effect of a Greek default. Image: Hans Punz/AP/Press Association Images

  • What about the ECB?

    The ECB owns tens of billions of euro in Greek bond debt, and had lent an estimated €100 billion to Greek banks. AP Photo/Michael Probst

  • The risk trade

    If a restructuring of Greek debt does occur, the risk trade will take a big hit, with a flight to US treasuries. Yields will also fall there as a result of renewed risk aversion, which will widen spreads on high grade corporate bonds as a result. Image: Jeff Moore/Jeff Moore/Empics Entertainment

  • The eurozone

    The Greek crisis will make the Economic and Monetary Union much more concerned about who they let into the eurozone in the future. They will start to check more economic criteria, such as external imbalances and budget positions. Image: AP Photo/Michael Probst

  • Rate hikes

    ECB rate hikes may have to be paused in the event of Greek restructuring. Jean Claude Trichet said last week that there was less risk of inflation in the months ahead, which means that interest rate increases will probably be paused. Image: Christoper Sessums

  • Albania and Macedonia

    Pictured are Albanian immigrants in Greece during a protest in central Athens. When the Greek economy slides foreign workers may lose jobs and stop sending money home. Macedonia, Montenegro, Bulgaria and Romania are also strong trading partners with Greece. Image: AP Photo/Kostas Tsironis

  • And what about Ireland?

    Ireland will face a hit of just over €200 million in the event of a Greek default, but are banks will escape any impact. The puublic sector owns about €36 million worth of Greek bonds, while the private sector has an estimated €165m exposure to Greece. Image: Julien Behal/PA Wire
  • Japanese banks hold €311 million in Greek debt. Image: AP Photo/Koji Sasahara, File
  • Spanish banks hold €389 million in Greek debt. Image: AP Photo/I.Lopez
  • US banks hold €1.08 billion in Greek debt. Image: David Davies/PA Archive/Press Association Images
  • Italian banks hold €1.7 billion in Greek debt. Image: AP Photo/Gregorio Borgia
  • UK banks hold €2.4 billion in Greek debt. Image: Matt Morton/PA Wire
  • French banks hold €10.8 billion in Greek debt. Image: AP Photo/Pool/Philippe Wojazer
  • German banks hold €16.3 billion in Greek debt AP Photo/Michael Probst
  • Greek banks hold €45.3 billion in Greek debt. Image: AP Photo/Petros Giannakouris
  • Rating agency Standard and Poors has said that the financial profiles of National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank are exposed to significantly heightened risks. Image: AP Photo/Kostas Tsironis
  • This week Moody's downgraded the credit ratings of French banks Société Générale and Crédit Agricole as investors fretted about their potential exposure to Greek debts. BNP Paribas has avoided a downgrade so far. Image: AP Photo/Jacques Brinon
  • Bulgaria and Romania's banking sectors are heavily dependent on the Greek banking system. A banking collapse in Bulgaria and Romania would have a knock-on effect on Hungary. Image: AP Photo / Petar Petrov
  • Austrian banks like Erste Bank and Raiffeisen have considerable interests in Eastern European countries like Romania and Hungary, leaving them exposed if Eastern Europe feels the knock on effect of a Greek default. Image: Hans Punz/AP/Press Association Images
  • The ECB owns tens of billions of euro in Greek bond debt, and had lent an estimated €100 billion to Greek banks. AP Photo/Michael Probst
  • If a restructuring of Greek debt does occur, the risk trade will take a big hit, with a flight to US treasuries. Yields will also fall there as a result of renewed risk aversion, which will widen spreads on high grade corporate bonds as a result. Image: Jeff Moore/Jeff Moore/Empics Entertainment
  • The Greek crisis will make the Economic and Monetary Union much more concerned about who they let into the eurozone in the future. They will start to check more economic criteria, such as external imbalances and budget positions. Image: AP Photo/Michael Probst
  • ECB rate hikes may have to be paused in the event of Greek restructuring. Jean Claude Trichet said last week that there was less risk of inflation in the months ahead, which means that interest rate increases will probably be paused. Image: Christoper Sessums
  • Pictured are Albanian immigrants in Greece during a protest in central Athens. When the Greek economy slides foreign workers may lose jobs and stop sending money home. Macedonia, Montenegro, Bulgaria and Romania are also strong trading partners with Greece. Image: AP Photo/Kostas Tsironis
  • Ireland will face a hit of just over €200 million in the event of a Greek default, but are banks will escape any impact. The puublic sector owns about €36 million worth of Greek bonds, while the private sector has an estimated €165m exposure to Greece. Image: Julien Behal/PA Wire

Read: Ireland faces €200 million if Greek economy crumbles

- Additional reporting by Emer Mc Lysaght

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