Gee, what a shock - the country which is most on the hook should Greece blow up is now issuing ultimatums. What is funnier is that the object of the ultimatum is none other than France wartime buddy Germany. From Reuters: "The European Union must immediately implement its previously agreed 30 billion euro ($39.96 billion) aid package for debt-stricken Greece, French Prime Minister Francois Fillon said on Wednesday. "We must immediately put in place the 30 billion euros," Fillon told France's lower house of parliament. He added he had "no doubt" that German Chancellor Angela Merkel would adopt the same position as France, concerning Greece." France has about 75 billion reasons to be terrified that Germany will leave it in the dust. Hey Birnbaum: we are better buyers of French CDS in size. We don't care if Goldman is on the other side of the trade.

Wonder why France is so terrified?

Here is your answer: exposure by countries to Greece. Note the blue wedge.

Via Spiegel, h/t Alphaville