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French exposure to Greek default would total 65 billion euros: senate commission

MEPs hold placards during a speech by Greek Prime Minister Alexis Tsipras before the Parliament in Strasbourg, 8 July 2015.
MEPs hold placards during a speech by Greek Prime Minister Alexis Tsipras before the Parliament in Strasbourg, 8 July 2015. Reuters/Vincent Kessler
2 min

France’s exposure to a Greek debt default would total 65 billion euros, the Senate’s finance commission said Wednesday. The estimate was disclosed as France has expressed it was willing to consider reducing Greece's debt load of more than 320 billion euros as part of a new rescue programme.

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French Finance Minister Sapin said last week that "the debt question is not taboo" in seeking a last-minute bailout agreement with Athens.

Greek Prime Minister Alexis Tsipras vowed Wednesday to present "credible" reform plans before a Thursday deadline, which all 28 European Union leaders will examine on Sunday in a make-or-break summit. Athens also submitted a request for a new bailout to avoid crashing out of the euro.

European Union President Donald Tusk warned that a special summit of EU leaders on Sunday was the final chance for a deal to avoid a 'Grexit' that would have global repercussions.

"Without unity on Greece we will wake up in four days in a different Europe; this is really and truly the final wake-up call for Greece and for us, our last chance," Tusk told the European Parliament in Strasbourg, France.

Meanwhile the head of France's central bank, Christian Noyer, said Wednesday that he feared Greece could descend into "chaos" unless a deal was struck this week.

Noyer told French radio it was "impossible" to reopen the banks while confidence was so low because there would be an "immediate run" on deposits.

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