- US: Vehicle Miles Driven by State (Feb)
- US: Household Employment for States and Regions (Mar)
- US: Regional Payroll Employment (Mar)
- Hungary: International Reserves (Mar); Slovenia: PPI (Mar)
- Netherlands: Consumer Confidence Survey (Apr)
- Italy: Industrial Turnover & Orders (Feb)
- Japan: Tertiary Industry Activity Indexes, Wage Indexes (Feb)
- Bangladesh: IP (Dec); Thailand: Agricultural Price Indexes (Mar)
- more updates...
Economy in Brief
U.S. Initial Claims for Jobless Insurance Near 2007 Low
The labor market's recovery remained in evidence last week as initial unemployment insurance claims totaled 304,000...
European Car Sales Rise But Lose Momentum
Auto registrations in Europe have risen again on a year-over-year basis, posting an increase of 1.6% over 12 months...
U.S. Industrial Production Records a Surprising Gain
Industrial output in the U.S. increased 0.7% last month (3.7% y/y) following a 1.2% jump during February...
U.S. Mortgage Loan Applications Rebound as Interest Rates Decline
The MBA total Mortgage Market Volume Index jumped 4.3% last week (-57.7% y/y) to the highest level in four weeks...
U.S. Housing Starts Exhibit Disappointing Rebound
Housing starts in March gained 2.8% to 946,000 units (AR) from 920,000 in February...
U.S. Consumer Price Index Firms
Consumer prices increased 0.2% (1.5% y/y) during March following two months of 0.1% uptick...
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|