- France: Registered Unemployed and Job Vacancies (Mar)
- Armenia: Monetary Aggregates (Mar); Albania: Pub Finance (Mar)
- UK: CBI Industrial Trends Survey (Apr, Q2)
- Global Manufacturing of Electronics (Mar); Composite Survey - United States (Flash - Apr)
- Turkey: Tourism (Mar); Israel: State of the Economy Index (Mar); Iran: CPI (Mar); Nigeria: Effective Exchange Rates (Feb); Kuwait: BOP (Q4, 2014)
- Mexico: Employment, Trade (Mar); Brazil: Consumer Exp (Apr)
- more updates...
Economy in Brief
U.S. Durable Goods Orders Soar With Aircraft Bookings; Orders Weaken Elsewhere
New orders for durable goods jumped 4.0% during March (0.7% y/y) following an unrevised 1.4% February decline...
Germany's Ifo Plows Ahead to Moderate 10-Month High
Germany's Ifo climate gauge is on a 6-month string of increases that has taken that gauge to a 10-month high...
U.S. New Home Sales Unexpectedly Backpedal
New home sales during March declined to 481,000 (+19.4% y/y) from 543,000 during February...
U.S. Initial Unemployment Insurance Claims Suggest Limited Layoffs
The job market remains on a firm footing as evidenced by initial claims for unemployment insurance...
Kansas City Fed's Factory Sector Index Continues Moving Downward
The Kansas City Fed reported that business activity continues to deteriorate...
EMU Upward Momentum Stalls in April
Both the EMU manufacturing and services indices backtracked in April...
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|