French Bank Losses - Greece Crisis

Telegraph Live - Euro: Reports that the French Banking Authorities have told French Banks to write off between 70% and 75% of Greek Debt. Thus one has to presume that the French Government will cover such major losses after losing its AAA rating, thus banking debts will become French Government Debts. As France is on AA+ by the S&P credit Agency one has to ask will France bailing out their banks mean that France could face another downgrade. No wonder the Greek debt holders are holding firm, in essence they are getting blackmailed by the EU.