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US Bank exposure to PIIGS

Five US banks have released some data (SEC filings) of their exposure to PIIGS.

Source WSJ

When will EU's debt crisis end? When Greece defaults?

The politicians seem unable to agree a sustainable path out of the euro mess that we are in. Tuesday's Zarky-Merkel summit did not reflect Euro Area unity, less EU unity. The proposals were half measures and deflections that the market saw through with evil eyes.

PIIGS Government Revenue and Expenditure in 2010

Where can the PIIGS save and where should they increase their revenue to get out of the debt trap? Here are some detailed government data for 2010 (in million euros).


PIIGS 2010 GDP, debt and deficit

We let the tables and graphs speak for themselves.

PIIGS GDP, deficit and debt in 2010



Secret Euro Finance Ministers meeting in Luxembourg - discussing Greece and possible exit from the euro

There are unconfirmed reports of a secret finance ministers meeting in Luxembourg today to discuss Greece and its possible exit from the euro. A reporter at Spiegel insists that this is the case.





... he broke the story of the appointment of Draghi (below) ..


Spain’s banks may struggle to refinance about 85 billion euros ($111 billion) in debt next year

Spain’s banks may struggle to refinance about 85 billion euros ($111 billion) in debt next year as costs surge on concern continental Europe’s fourth- biggest economy may need an Irish-style bailout. “There’s a universal dumping of Spain going on,” said Andrea Williams, who helps manage about 623 million pounds ($968 million), including shares in Banco Santander SA, at Royal London Asset Management. “The fear is that Portugal, Spain and Italy are now in line after what happened in Ireland.”

Anxiety over Spain’s ability to bring down the euro- region’s third-highest budget deficit after Europe handed Ireland an 85 billion-euro aid package has driven up financing costs for the country’s lenders already battered by rising bad loans and falling revenue. The average yield investors demand to hold euro-denominated Spanish bank bonds, relative to government debt, rose 117 basis points to 361 basis points in November -- the biggest monthly jump on record, according to data compiled by Bank of America Corp. As the cost of insuring the country’s debt against default rose to its highest level, Spanish lenders now pay the biggest premium ever on their debt relative to other banks in Europe. Spreads on Spanish bank bonds in euros rose to a record 147 basis points more than the average for all lender debt denominated in the currency, up from a gap of 63 basis points on Oct. 31, according to Bank of America data.

Europe’s Banks, Europe’s crisis

Europe continues to constitute the epicenter of Act II of the global financial crisis, which has now mutated into a sovereign-debt crisis within the eurozone. How could this happen when, at least on paper, all problems had seemingly been resolved during May’s extraordinary EU summit meeting, which created a European Financial Stability Facility (EFSF) and ensured total funding of close to $1 trillion?

European war against the markets - 750 bn EUR

(10 May 2010) With an unprecedented rescue package of up to 750 billion euros by the EU and International Monetary Fund to stabilize the ailing single currency, the euro. The goal: tame speculators. Is it enough? Well, if something the following this happens today, then you know for sure that Europe is rushing into its worst crisis since WWII:

  • Greek bond yields sky-rocketing
  • Stock markets continue to fall
  • Private investors liquidate their SICAVs
  • Euro still dropping

Banking Systems Most Exposed to PIIGS Nations - 3,2 trillion USD

The European sovereign debt crisis continues to rattle global markets as uncertainty over austerity measures and a proposed bailout have people questioning whether the Eurozone will be able to survive more financial trauma.

PIIGS government deficits corresponds to half of the Eurozone

It is time to have a deeper look at government deficits in the European Union, following the press release of the latest Eurostat data today and specifically the area which has been known as PIGS (originally termed by a German minister who looked like Groucho Marx) or PIIGS lately. PIIGS is an acronym that refer to the economies of Portugal, Italy, Ireland, Greece, and Spain. Some of these countries have a high current account deficit relative to GDP. That is, they have seen large capital inflows in recent years, particularly from other countries such as Germany where investment opportunities are limited given the very poor performance of the German property market and the low yields available on German government bond markets.

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