Why aren’t France, Italy and Spain deciding Greece’s fate?

July 8, 2015

What is remarkable, in view of recent events, in the following graph showing who owns Greek debt at present:


That’ right: France, Italy and Spain own as much Greek debt between them as Germany, the IMF and the ECB put together.

Why, then, is it widely perceived that the future of Greece is in the hands of the latter, and not the former?

I suspect it may have something to do with how much French, Italian and Spanish debt the other three own but, still, it does seem like the voice of the Mediterranean Euro nations is not being heard, and any insights into why this is the case would be appreciated.

The graph is from the following BBC article: