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I have a question for you. I give for granted long-term contagion from the PIIGS to Germany and France banking system, in light of heavy exposure - For example, check this
Do you have any idea on the risk of contagion from France-Germany to the US financial system? What is the exposure of US banks to Germany and France? I have checked this extensively, but have found no answers insofar.

Historically, the interconnectedness of the financial system across the Atlantic is documented by the failure of Creditanstalt in 1931, that ultimately exacerbated the 1929 market fall and led to the Great Depression.