Italy is 3rd largest bond market in the world. US banks hold $2B in Greek bonds, $34B in Italian and Spanish bonds. Banks in France and Germany have $27B in Greek bonds. US banks have $500B invested in French and German banking systems. Big money market funds have half of assets in Euro banks - near $1T.
And now watch out for Spain. 13th largest economy. Let's all try to make things better, A?
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