I came across this table at ZeroHedge. This article is very worth reading.

Italy’s taxpayers are exposed to the tune 3.8% of the country’s GDP. Spain is at an even higher 4.1%. The jist is that a hard default by Greece on a No vote will mean all those assets turn to zero, which jacks up the debt ratios of these already extremely indebted governments, and pushes interest rates extremely higher overnight.

My feeling is that the central banks have a week or two at most to contain the bond markets by printing money faster than they ever have before, after the Greeks vote No, if they do indeed vote No. We’ll find that out in a few hours.

Money supply growth in the US is already fading fast.

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