Why Your Money-Market Fund Could Be Hit by Greek Default
John Carney
CNBC
June 16, 2011
Some of the safest, plain-vanilla investment accounts in the U.S. could be challenged if Greece defaults on its sovereign debt.
Forty-four percent of money-market funds in the U.S. are invested in the short-term debt of European banks, according to a report from Fitch.
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A separate report from Moody’s noted that 55 percent of those holdings are in the commercial paper of French banks, such as Societe Generale, BNP Paribas [BNP-FR 51.14 -0.16 (-0.31%) ] and Credit Agricole. French banks are some of biggest creditors to Greece, with over $53 billion in outstanding loans.
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