The network brought branding and exposure to the table, allowing the sites a path to rapid growth they could not otherwise have afforded.

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Add in Italian and Spanish sovereign debt, too (hence, the PIIGS acronym) and, as the table shows, exposure is still below 1% at six of the banks.

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While the currency portion of the two bets has worked extraordinarily well for U.S. investors since 2002, it may be time to reduce exposure or take that bet off the table altogether.

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The scale of how much money American banks have at risk in the eurozone comes from a new BIS table of the actual and potential exposure of banks to most economies via cross-border loans and financial transactions.

BBC: Eurozone woes are US woes

Four real estate investment trusts and one non-REIT landlord with exposure to one or more of these four markets appear in the table.

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