BNP Paribas reveals $6.4bn exposure to Greece

6 May 2010

French bank BNP Paribas has revealed that it has exposure of around €5 billion ($6.4 billion) to Greece.

The financial institution is one of the first to publicly lay out its level of exposure to the economically troubled country, with other banks likely to be in a similar position.

According to a Credit Suisse paper reported in the Guardian last week, many German, Swiss, French and British banks have money invested in Greece, as well as in other under-threat economies such as Portugal and Spain.

Fears remain among investors that the problems in Greece may spread to other eurozone countries, with credit rating agencies stating they are considering a downgrade of Portugal's debt, reports BBC News.

Earlier this week, the euro hit a 13 month low against the dollar in reaction to the crisis in Greece, which has led to a €110 billion bailout package being provisionally agreed for the country.

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development