Oooh la la…

Should have posted this rather nice graphic from the NYT a few days ago, showing debt relationships in Europe.

It reminds us, as Mario Monti goes to work, that the Italian debt buck stops in France.

For it is the French banking system that has a net exposure to Italy of something over US$350 billion.

When the history of recent world banking is written, US and  British bankers will take the prize for unadulterated, venal greed and selfishness.

But French bankers must surely lift the trophy in the combined greed-with-stupidity category.

The French liability in Italy is about 15 percent of French GDP. Which particular risk model were the French banks running when they decided that was a good idea?

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