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It is thought to have been assured that the exposure of banking groups was "manageable".
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That in turn raised fears about the exposure of banks to European governments and private borrowers.
But now anxiety is spreading to financial regulators, who are in turn worried about the exposure of banks and other lenders.
There were also mounting concerns that the exposure of banks to sovereign debt throughout Europe risks destabilising a financial system that was bailed out by government across the world little more than a year ago.
"Exposure of banks to Greek assets is not big enough to create a systemic risk," said Stephane Deo, head of European economic research at UBS. "The problem is if the market starts to panic".
Without the payment, the country will default, undermining the European common currency and potentially creating market turmoil over the exposure of banks that hold the debt of Greece and other troubled economies in the region.
In an extensive report to lawmakers in September, the Congressional Research Service estimated that the exposure of banks to Greece, Ireland, Italy, Portugal, and Spain — some of the most heavily indebted euro zone economies — amounted to $641 billion.
Some analysts have said it is difficult to determine the exposure of banks to the United States subprime market because they are often held through collateralized debt obligations, financial products that bundle securities and help spread risks, and banks often do not disclose their exposure.
The direct exposure of banks to Europe is modest relative to banks' total assets.
We really need transparency on the exact exposures of banks.
An even scarier risk is that the international banking system might freeze up again, as banks and investors start to worry about the exposure of other banks to European debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com