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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: 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…

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?

Japanese banks
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  • 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

Read: Ireland faces €200 million if Greek economy crumbles

- Additional reporting by Emer Mc Lysaght

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    Mute lavbeer
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    Dec 22nd 2017, 1:43 PM

    It’s hard to believe that the author didn’t mention that pro independent parties between them were a couple of percent short of 50%.

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    Mute Skinnerbot
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    Dec 22nd 2017, 4:26 PM

    @lavbeer: did they not take 70 out of 135 seats? Which is 52% of the seats by my maths?

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    Mute lavbeer
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    Dec 22nd 2017, 4:48 PM

    @Skinnerbot: yes this wasn’t a referendum – but a popular vote wouldn’t have been passed. More voted for non-independence parties. The article unless the author was pushing an agenda should have stated such a basic fact. Imho- I am no expert.

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    Mute Skinnerbot
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    Dec 22nd 2017, 4:56 PM

    @lavbeer: same with trump no? It’s quite trivial in a way given it led to 52% of the seats. Only 1 in every 3 votes agree with Fine Gaels policies here, funny thing democracy

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    Mute lavbeer
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    Dec 22nd 2017, 10:15 PM

    @Skinnerbot: true enough but if it was a referendum it wouldn’t have carried.

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    Mute lavbeer
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    Dec 23rd 2017, 6:18 AM

    @Declan Hegarty: bottom line is that three pro independence parties got 47.5 of the vote a few months after getting over 90 in a referendum that SF didn’t call out as being flawed (other than the actions of the Spanish police). Did they miss something?

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    Mute Donal Hanley
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    Dec 24th 2017, 12:28 PM

    @lavbeer:
    The headline is not just misleading. It is incorrect.

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    Mute Mick Jordan
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    Dec 22nd 2017, 1:51 PM

    Without a change to the Spanish Constitution, Catalonia could a popular vote of 100% for independence and legally it would mean nothing. It would be like Cork voting unanimously to repeal the 8th amendment. Without a referenda the vote would not be legal. As in Spain any Constitutional changes require a national referendum.

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    Mute Seán Ó Briain
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    Dec 22nd 2017, 2:54 PM

    @Mick Jordan: Cork isn’t an autonomous region with its own parliament, language and culture. There is a precedent set for nationhood. Catalonia meets all of them.

    So your comparison to Cork is not remotely relevant.

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    Mute Thomas Harrington
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    Dec 22nd 2017, 3:03 PM

    @Seán Ó Briain: says you! Totally has its own language does Cork

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    Mute Mick Jordan
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    Dec 22nd 2017, 3:11 PM

    @Seán Ó Briain: Cork has a County Council which is elected, it can pass local by-laws, can raise finances through rates etc so it is very relevant as it is nothing more than a smaller version of the Catalan Parliament,. Catalonia’s Parliament is subservient to the National Parliament in Madrid as are all the other regional governments in Spain. Catalonia agreed to and signed up to the Spanish Constitution and is now legally obliged to abide by that Constitution.

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    Mute Seán Ó Briain
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    Dec 22nd 2017, 3:46 PM

    @Mick Jordan: Cork County Council is not comparable to the levels of autonomy that the Catalan parliament had. Nor is Cork as an area comparable for a claim of statehood that Catalonia has.

    Scotland signed up the the union (albeit on questionable circumstances), and were still afforded a vote on independence. The UK had the courage to allow them one in the spirit of democracy. Spain doesn’t have similar levels of faith in its union.

    If the majority of the people in Catalonia aspire for independence, that desire should be acknowledge by the Spanish government.

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    Mute lavbeer
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    Dec 22nd 2017, 4:20 PM

    @Seán Ó Briain: Catalonia signed up to this constitution only 40 years ago. And the result clearly shows there isn’t an overall desire to break off. Gunther and his ilk need to step back and start convincing their own people and get a 60-65 which would give them a platform. The 90% “referendum”‘was shown as a farce – endorsed by the SF people on the ground also.

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    Mute Mick Jordan
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    Dec 22nd 2017, 4:33 PM

    @Seán Ó Briain: What claim of Statehood does Catalonia have. It was never a nation in its own right. It was previously an integral part of the Kingdom of Aragon, prior to that part of the Frankish kingdom of Charlemagne and before that a part of a Roman Frontier Provence. And now is an integral part of the Spanish State. In 1975 Catalans agreed to and signed up to all the terms and conditions of the Spanish Constitution. And one of those conditions was that the Spanish State as it currently is, is indivisible. And now that some Catalans wish to change that, they must seek a change in the Spanish Constitution (that they are a signatory to) to legally allow cessation.

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    Mute Seán Ó Briain
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    Dec 22nd 2017, 4:49 PM

    @Mick Jordan: ” What claim of Statehood does Catalonia have.”

    What claim does any arbitrary piece of land and people have to statehood? Catalonia has its own language, its own parliament, its own culture – and the wish for the majority of the people living there to be independent.

    Borders are dynamic. They change over time. At present, the people within the recognised borders of the region of Catalonia wish to be independent. That’s a pretty valid claim. And if Spain actually had the courage to allow them a referendum without using political violence to crack down on them – we would be able to answer that question once and for all.

    This whole argument is going over your head. It’s a waste of time and energy to repeat it ad nauseum with you.

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    Mute Mick Jordan
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    Dec 22nd 2017, 5:05 PM

    @Seán Ó Briain: It has its own Parliament because the Nation of Spain permits it to have it just as the Dail here permits County and City Councils. But they, as with the Catalonian Parliament are only there at the sufferance of the National Parliment. And the results of the vote are also clear 51.5% of the Popular vote was for Spanish Unity with the Independence Vote receiving 48.5%.

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    Mute @mdmak33
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    Dec 22nd 2017, 2:20 PM

    Independence vote has been justified,but like brexit,the EU elites will do their best to block it.

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    Mute lavbeer
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    Dec 22nd 2017, 2:28 PM

    @@mdmak33: justified by getting less than 50% ? How do you make that out?

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    Mute Thomas Harrington
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    Dec 23rd 2017, 8:35 AM

    @lavbeer: to be fair the main leaders of the Independence Party are locked up or in exile and the Spanish govt shut down pro independence newspapers and websites / so the result is an amazing one / viva Cataluyna!

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    Mute Fiona deFreyne
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    Dec 22nd 2017, 2:04 PM

    This referendum result may now enable sensible negotiations to commence.

    Any attempted secession lacks legitimacy. There is now good reason for each side to engage meaningfully with the other, mediated by a third party broker.

    There are degrees of autonomy. There is plenty of scope for a solution.

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    Mute Mick Jordan
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    Dec 22nd 2017, 2:20 PM

    @Fiona deFreyne: Even if the Central Government wanted to allow Catalonian Independence, it is not legally in their power to grant it. It is a Constitutional issue. And that requires a national referendum to alter the part that states “All of Spain is indivisible”, to allow regions to ceceed. So Catalonian Independence is a pipe dream unless the Constitution is changed.

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    Mute Pat Cbar
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    Dec 22nd 2017, 7:11 PM

    @Mick Jordan: by that reckoning we should still be part of the UK.

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    Mute Mick Jordan
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    Dec 22nd 2017, 8:25 PM

    @Pat Cbar: How do you make that out? We, Scotland, or Wales never agreed to or signed up to a UK constitution declaring that the UK is or was indivisible. Hence the Scottish Independence Referndum. When Ireland was part of the UK it was only so by a Parlimentry Act (Enacted by Henry VIII an English King) in which we Irish had no hand or act in. Catalonia on the other hand was an original part of the Kingdom of Aragon that United with the Kingdom of Castille to form what we now know as modern Spain. And after the death of Franco when a new constitution was being written with the input from every region of Spain, Catalonia agreed with and signed up to that new Consitution. Now that 48.5% of the Catalonian population desire independence does not negate the Constitution they signed.

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    Mute lavbeer
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    Dec 22nd 2017, 1:54 PM

    Did Puigdemont or Junqueras run in this election? 70 out of 135 maybe 68 if they can’t show – still a majority barely. The case for independence wasn’t confirmed despite actions of the police and Madrid government plus a high turnout. breathing space is needed. Maybe it’s time for reconciliation of some sort?

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    Mute lavbeer
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    Dec 22nd 2017, 4:49 PM

    @lavbeer: of anyone know?

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    Mute Anthony Byrne
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    Dec 22nd 2017, 2:00 PM

    This can only end badly.

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    Mute Stephen Maher
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    Dec 22nd 2017, 1:49 PM

    Separatists?

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    Mute Cian Omahony Snr
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    Dec 23rd 2017, 2:24 AM

    how can say this without being attacked..as a sports fan i love Barca..and i am trying to understand the whole situation from both sides ..but the leader says i demand the UN. Maybe i am totally wrong ,why not say ” I ask”does it alway have to be agressive speak…there is so much agression in the world..I am gettiing old and still naive to think that we can have a beautiful world ..maybe we can

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