$41 Billion: US Banks' Total Exposure To Greece

Are we looking at a repeat of 2008, with 'Greece' replacing 'subprime' ? We spotted this today:

"U.S. banks had total exposure of $41 billion to Greece by the end of 2010, according to the latest figures, issued June 9, from the Bank for International Settlements. Most of the financial commitments appear to be indirect.

About 83% is tied to “guarantees” that range from protection for sellers of credit-derivative contracts to other obligations owed to third parties. Still the data are murky, according to economic consultant Kash Mansori."

Exposure, murky, derivatives - haven't we seen this movie before?