France, Italy, Portugal- it doesn't matter. When Greece defaults (and it will, eventually) the ripple effect via rehypothecated sovereign debt will destroy most of the banks. The Good Gray Men who run our system know this, and are trying to stop it. They still believe they can outwit Mother Nature (aka the market) and as we all know, Mother Nature does NOT take kindly to people who try to fuck with her. Although the "market can remain irrational longer than you can remain solvent" is a truism, the "day of reckoning" is coming closer and will cause much misery. I'm glad I'm (almost) prepared, and my closest loved ones are as well. It has taken 15 years of constant education and brow-beating, but many of them now see global default/war/depression as inevitable.
Here in Asia, the number of French arrivals are definitely picking up. Not the multi-millionaires you read about, but the middle-class self-made and corporate career types and families. Same with Italians, but they have been trickling in for over a decade.No statistical proof, just anecdotal evidence and hearsay.
I've been waiting for more bad news to come out of France. I think they could be the next downgrade story.