- US: Pending Home Sales Index (Nov)
- Belgium: GDP (Q3)
- Switzerland: KOF Indicators (Nov); Austria: Money Supply (Oct)
- Chile: IP, Employment, Housing Starts (Oct); Mexico: Construction (Sep); Colombia: Employment (Oct)
- Italy: CPI, HICP (Nov-Prelim), PPI (Oct)
- Slovenia: GDP (Q3), HICP (Nov); Croatia: Unemployment/Employment (Oct); Armenia: GDP by Industry, Public Finance (Q3); Foreign Trade, Personal Remittances, IP (Oct); Albania: Foreign
- more updates...
Economy in Brief
Chicago Business Barometer Reverses Earlier Improvement; Suggests Economic Contraction
The Chicago Business Barometer in November plummeted 7.5 points to 48.7 and fully reversed its October rise...
Dallas Fed Factory Sector Activity Improves; Employment Figures Strengthen
The Federal Reserve Bank of Dallas reported that its November Composite index of factory sector activity increased to -4.9 from -12.7...
Japan's IP Marks a Strong October Gain
Japan's industrial production index rose by 1.4% in October, pushing the three-month growth rate up to 5.4% annual rate...
EMU Index Holds Its Ground in November
The EU overall sentiment index slipped this month while the index for EMU members was dead flat at last month's level...
U.S. Personal Spending Inches Higher as Income Strengthens
Consumers are exhibiting cautious spending behavior despite firm income gains...
Durable Goods Orders Rebound More Strongly Than Expected in October
Durable goods orders started the third quarter strongly, jumping up 3.0%/m (0.5% y/y)...
by Louise Curley June 4, 2012
Spain is in trouble once again. Capital is leaving the country and interest rates are rising, as can be seen in the attached chart. The 10 year bond rate was 6.5% on June 1st and probably higher today. The European Central Bank, the European Commission and the International Monetary Fund together with the Spanish government are engaged in trying to find ways to ameliorate the situation while the foreign banks that have lent to Spanish banks in the past are worried about their exposure to these banks.
Some Information on foreign banks' exposure to Spanish banks, as well as to Greece, Ireland and Portugal, can be found in Haver. In The Bank of International Settlements (BIS) data base, there is a table "Foreign Exposure to Greece, Ireland, Portugal and Spain" under the section, Consolidated International Claims on BIS Reporting Banks. Data are quarterly and begin in 2010. Most data end in the fourth quarter of 2011. Countries covered are Germany, France, Italy, Other Euro Area, Japan. U. S. U. K. and Rest of the World. U. S. banks appear to have the largest exposure, $227.7 billion dollars, to Spanish banks followed by Germany and other European Countries. Japanese and Rest of the World banks have much smaller exposures to troubles in the Spanish Banks.
|Exposure of Banks to Claims from Greece, Ireland, Portugal and Spain, Q4 2011 (Billions USD)|
|U. K. Banks||137.5||33.3||192.1||22.3|
|Other Euro Area*||179.6||21.9||67.2||33.5|
|Rest of World Banks*||41.3||5.7||57.3||9.5|
|* Data are as of Third Quarter, 2010|