By early 2010, Eurozone banks had a collective exposure to Spain of $727 billion, $402 billion to Ireland, and $206 billion to Greece. French and German bank exposures to the PIIGS were estimated in 2010 to be nearly $1 trillion. French banks alone had some $493 billion in exposures to the PIIGS, which was equivalent to 20 percent of French GDP. Standard & Poor’s estimated French exposures to be as high as 30 percent of GDP, all told.

Mark Blyth, Austerity, loc. 239