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I made this point before, when I discussed the exposure of a French bank, Societe Generale (OTC:SCGLF), to Greek debt in comparison to other losses, such as the loss that a single trader (Jerome Kerviel) caused to that bank back in January 2008.

Tuesday I see that Societe Generale released the results of its third quarter of 2011, and that comparison has become even more interesting. In a balance sheet of about EUR 650 billion, exposure to Greek government debt is as low as EUR 575 million.

Exposure to the government debt of Ireland, Portugal, Spain, Greece and Italy combined is "only" EUR 3.4 billion. This combined amount remains below the loss caused by Kerviel back in 2008 (about EUR 4.9 billion).

Of course, there is no specific analysis of Societe Generale here. I just picked it up as an example of a large French bank, as I assume that others look similar.

Source: Fear Is A Problem Far Greater Than Greece