If Greece were to default, who would be left holding the bag?
Investors are almost giddy over signs Greece and its international creditors are moving toward a last-minute deal that would allow the country to avoid a default that many fear could otherwise propel the country toward a eurozone exit.
But even when things looked bleak, markets remained relatively calm—unlike at the height of the eurozone debt crisis in 2011 and 2012. Part of that might simply be down to Greek fatigue, but it also reflects the fact that eurozone banks and other private-sector participants are much less exposed to Greece than in the past. Here’s a look at some figures and charts that show who is now exposed to Greek debt.
Greece and its international lenders are racing to hammer out a reform deal this week, with several top-level meetings taking place over the course of Wednesday and Thursday. Greek Prime Minister Alexis Tsipras will meet European Central Bank President Mario Draghi, the International Monetary Fund chief Christine Lagarde and European Commission President Jean-Claude Juncker in Brussels around noon local time Wednesday, or 6 a.m. Eastern Time. They will discuss the reform plans Athens submitted on Monday, trying to resolve the remaining issues that are blocking a deal. At 7 p.m. Brussels time, or 1 p.m. Eastern, the the Eurogroup of finance ministers meets for the third time in less than a week, aiming to prepare an agreement that could be signed off by EU leaders at a summit on Thursday night. EU council members start arriving for that summit at 3 p.m. local time, or 10 a.m. Eastern, on Thursday, with the first session taking place at 4:45 p.m. A press conference is expected late Thursday night in Brussels.