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A default or GREXIT in 2010 would have caused havoc and pan European banking failure but that risk is much contained now according to latest report from Bank of America Merry Lynch.
- Official sectors now stands as the largest creditor to Greece and European central bank to Greek banks. Without the assistance of Emergency Liquidity Assistance (ELA) from ECB Greek banks would have collapsed completely and risk of such still remains if Greece fails to secure a deal with its lenders.
- According to Latest report while ECB has net ELA exposure of € 89 billion toward Greek banks, European banks have only exposure of € 14.7 billion.
- HSBC has the highest exposure as of latest report, almost € 5 billion, followed by Credit Agricole (€ 2.9 billion), Deutsche bank (€ 2billion) and Barclays (€ 1.6 billion).
Whatever the exposure may be it is still uncertain, what a Grexit might cause to Euro System since Greece is more of a sentiment issue than an economic one.
Euro treading water around 1.12, awaiting outcome from negotiation.
