"Bank of America, for example, had some $17 billion dollars invested in the five countries facing the largest problems. JPMorgan has $14 billion [invested]. The probability of default hits them directly. If you take the case of Greece, as a part of the agreement struck a few days ago to rescue the country, it was mandated that private institutions holding Greek debts have to take a 50 percent loss. That’s huge. That’s writing down billions and billions of dollars." Source: BET.com, November 7, 2011