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

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:



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s