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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