French banks are going to pay for help the Greece which is ridden with crisis to overcome a sovereign default. The payments are to be done in the US credit markets. The French banks were charged interests in higher rates on US short term borrowing arrangement. This was done at a rate other what was granted to their European rivals. This is after the French bank has cemented their links to help the Greek debts.
However in the long run these higher rates may turn out to be lower price in paper work, and it may benefit the French banks after all.
They may be some hardships in terms of the rollover but in the long term the they could gain by avoiding further disruptions. Investors are charging French banks more than they do to banks from dutch germany when when they decide to buy any US short term obligations. This is because the French banks more any other banks are more exposed to the Greek debts.
The move by the French banks mark the progress in the Greece debt problems from turning into a global economic crisis. The worry in the US market is centered on how the French banks are going to suffer from that deal in an event that the Greece parliament passes some measures within the week.