In its recent evaluation of the Greek bailout program, the IMF revealed that the euro
area leadership sought to delay a Greek sovereign debt restructuring back in 2010 because of contagion fears; that is, Greeces creditors might get sucked into the bailout vortex. Among eurozone national banking systems, France had the largest exposure. At its peak in the second quarter of 2008, Frances exposure to Greece totaled $86 billion. That exposure has since plummeted, partly because French banks took advantage of the ECBs Securities Market Programme (SMP) during 2010-11 to fob off Greek bonds, effectively forcing a eurozone mutualization of the debt. SMP was terminated in September 2012.