Banco Santander´s exposure to Greece

A Merril Lynch report states that the exposure to Greece is around €200 million. However there is considerable exposure to Portugal:

The net assets of Santander’s Portuguese subsidiary, Totta, totalled €2.7bn which compares with Santander’s group equity of €74bn. Totta’s total balance sheet is around €46bn. BBVA’s Portugual operations by contrast do seem to us de minimis. CredAg and La Caixa also have minority stakes in Portuguese banks
(BES and BPI respectively).

Source: Merril Lynch

Also: As Yields Blast Past 25%, Here’s Who Gets Pounded In The Inevitable Greek Restructuring
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