Fundamentals haven't changed, page-95

The problem is probably emulating from the PIIGS and the exposure German banks have to the PIIGS and their bonds.

If the German government can't bailout its own bank what hope does it have if any of the PIIGS needs a bailout going forward.



German bank exposure to Greece around $28 billion: banks

German banks have about 23.5 billion euros ($28 billion) in credit exposure to Greece, but the systemic risk is limited because the biggest commercial banks, Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE), hold only a tiny fraction of that, according to figures gathered by Reuters.

http://www.reuters.com/article/us-eurozone-greece-banking-exposure-idUSKBN0KE16H20150106

German Banks Top French on $23 Billion Greek Debt, BIS Says


German lenders were the biggest foreign owners of Greek government bonds with $22.7 billion in holdings last year, making them a likely negotiation partner in burden-sharing deals for the country, data from the Bank for International Settlements showed

http://www.bloomberg.com/news/artic...french-with-23-billion-in-greek-debt-bis-says