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The Greek Dominos: What Happens If Greece Defaults?

Photo: Fabrice Coffrini | AFP | Getty Images

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Europe's Banks Rocked

Europe's banks are big holders of Greek debt. They have something like $53 billion outstanding. France, Germany and the U.K. are the most exposed.

"If bondholders were required to take a 40 percent 'haircut'—a figure thrown up by many analysts—this would translate to losses in the order of €15.6 billion," or $22 billion, according to one report.

Photo: Fabrice Coffrini | AFP | Getty Images