Greece owes German banks €23.5bn

German banks have about €23.5bn in credit exposure to Greece, but the systemic risk is limited as the country’s biggest commercial banks, Deutsche Bank and Commerzbank, hold only a tiny fraction of that, according to figures gathered by Reuters.

The lion’s share of German exposure is held by the state-owned development bank KfW, with lending to the Greek state totalling €15bn, banking industry group BdB said.

Commerzbank said it held about €400m in exposure to Greece at the end of September, while Deutsche Bank said it held around €298m in corporate, bank and public debt. Greek politics has weighed on markets including the euro as speculation intensified that Greece could leave the eurozone after a snap election on January 25.