EU banks' exposure to Greece below 5 billion euros

Impact on peripheral bond spreads is the main concern of a Greek exit

French and German banks are the most exposed to Greece potentially leaving the European Union, but the overall exposures of European banks are relatively small, with only about 5 billion euros of outstanding loans and "immaterial" government bond holdings, according to a research paper by JP Morgan.

The bank says the impact of the Mediterranean country exiting the EU would be very limited. This follows a scramble by banks to reduce their Greek government bond holdings in the wake of the 2011

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