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American Banks To Suffer from Greece Crisis?

Financials surged on Tuesday despite concerns that some American banks may have exposure to the debt crisis in Greece.

Following a New York Times article which revealed the close association between Goldman Sachs and Greece, Sanford Bernstein analyst Brad Hintz tells Fast Money that a number of other US banks may have exposure, too.

On the Halftime Report he said, "You can look at the list of who are the primary dealers and the players who trade in Greek government bonds and when you go down the list, number nine is Merrill Lynch.”

In other words BofA may have bought into the problem when they acquired Merrill.

And Hintz told us that Morgan Stanley and Citi are also said to have exposure. “If credit default spreads open up it’s going to impact them.”

But before you turn bearish on banks, there’s a caveat.

”I would not sell out of my position in any of these stocks,” Hintz added. “I think this is going to be a short term issue”.

Banks Most Likely To Have Greek Exposure
1. JPMorgan
2. Deutsche Bank
3. RBS
4. Barclays
5. BNP Paribas
Source: Brad Hintz, Sanford Bernstein


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