NEW YORK -(Dow Jones)- U.S. money-market funds' significant exposure to European banks underscores the threat that the risk of a Greek sovereign default poses to global financial markets.
As of February, U.S. money-market funds' holdings of short-term securities sold by European banks--including commercial paper, asset-backed securities and certificates of deposit--stood at 44.3% of their total assets, according to a recent research report from Fitch. The ratings agency said it will release updated data in several weeks.
As of February, U.S. money-market funds' holdings of short-term securities sold by European banks--including commercial paper, asset-backed securities and certificates of deposit--stood at 44.3% of their total assets, according to a recent research report from Fitch. The ratings agency said it will release updated data in several weeks.
