Just a quick follow-up on the 'Greece thing'. Doing some research during the lunch hour today its seems that Britain and the States aren't so immune should Greece be allowed to default, which I don't think it will for now, the French and German banks took out insurance policies against the possibility of Greece not being able to fulfill its obligations and those insurance polices are with British and American banks. The total non direct exposure of the Greek crisis is £200 billion for the States and £90 billion for the U.K, the total non-direct exposure of all the other countries in the EU combined is £43 billion.
Big questions ahead because David Cameron has insisted that there would be no exposure to the British taxpayer and we already know how the Americans feel about debt exposure. Does that mean we will see a major bank going to the wall and the possible run on other banks?
p.s half time in Munich and the 'project' are 0-2 to Bayern Munich and currently looking out of their depth.
2 comments:
DC is wrong, even if we aren't directly exposed.
What about Tevez! ooooh, big news (and Basel almost piping Manure)
I think he's trying to put a brave face on things (Cameron not Tevez)
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