Updates on Greece

Greek Crisis

• Spain, Italy spreads over Germany highest since 1999
• Expectation that Greece will face a managed default; Spain, Portugal would follow suit
• BNP Paribas has 6.1bn in Greek debt
• Greece, Spain, Portugal, Ireland and Italy: $4tn in public/private lending 2009
• European banks were insulated from initial credit crisis, regulators didn't create additional capital requirements. With the Greek crisis, these banks are now suffering. Debt (most of which comes due in 2012) will be difficult to refinance as they'll be stretched for capital