If you lend €87 billion to Greek banks backed by an insolvent state, and 110 billion to the Greek state you are no longer a creditor: you are the owner of Greece.
Greek Banks repo around 140bln of securities with the ECB. In return they get around 87bln of cash to fund their balance sheet.
Greece got a bailout out from the IMF and the EU of 110bln. So far around 55bln have been given and a further bailout of around 60bln is being discussed in order to carry Greece to 2013.
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