- US: Quarterly Financial Report (Q3)
- US: Quarterly Financial Report Detail (Q3)
- US: NABE Outlook (Q4)
- OECD: Composite Leading Indicators (Nov); Main Economic Indicators
- Canada: Housing Starts (Nov)
- Latvia: GDP (Q3) *Ref Year Changed to 2010*, CPI (Nov); Hungary: Foreign Trade (Oct-Prelim); Czech Rep: IP, Building Permits, Construction, Industrial Sales, New Orders (Oct); Slovakia: Intl Trade (Oct-Prelim); Bulgaria: IP, Industrial Turnover, Retail
- more updates...
Economy in Brief
U.S. Payroll Employment Gain is Steady; Unemployment Rate Falls To Lowest Level Since 2008
Nonfarm payroll employment grew 203,000 (1.7% y/y) during November...
U.S. Consumer Credit Growth Remains Strong
Consumer credit outstanding increased by $18.2 billion (6.3% y/y) during October following a $16.3 billion September rise...
U.S. Consumer Sentiment Strengthens
The index of consumer sentiment from the Reuters/University of Michigan survey jumped to 82.5 early this month...
U.S. Personal Income Edges Down in October
Personal income fell in October by 0.1% (+3.4% y/y) after a gain of 0.5% in September...
German Orders Step Back
German orders fell hard in October after an even stronger surge in September...
U.S. GDP Growth Boosted By More Inventory Accumulation
Real GDP growth for Q3'13 was revised up to 3.6% (1.8% y/y) from 2.8%...
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|