German banks have lent Italians $161 Billion, while Italians have lent Germany $272 Billion.
Another is that France has lent Germany $277 Billion, while Germany has loaned $223 Billion to France. As explained at the Great EU Debt Write Off, on a Netting basis, much of this debt could be written down.
But this really reminds me of the daisy chain of debts that caused Weimar Hyper Inflation, and a direct cause of World War 2.
When they ran out of money the Italians borrowed from the French, the French from the British and the Brits from the USA. Because the USA refused to countenance any type of War Debt write off, the entire burden fell upon Germans to repay.
In the recent book, The Lords of Finance by Liaquat Ahamed, the reparations demanded of Germans, calculated with inflation into current US dollars, was a staggering; $9 TRILLION dollars.
That amount is more than all the wars fought anywhere in the world over the past ten years.
To put that into perspective, the current total debt burden of the entire eurozone, is around E13 Trillion,
If you would like a quick view of the possible scenarios, Zerohedge put together a complete list of countries that is well worth viewing, a little old, but you will get the drift.
