- **Singpore's HDB Resale Price Index Rebased to Q1 2009=100**
- US: Consumer Sentiment (Jan-final), GDP (Q4, Adv), ECI (Q4)
- US: NY Fed Coincident Indexes (Dec)
- US: Chicago PMI (Jan)
- Belgium: Flash GDP (Q4)
- Canada: GDP by Industry (Nov)
- US: Chicago Midwest Mfg (Dec)
- US: Selected NIPA Tables, Summary Key Source Data (Q4-Adv)
- Turkey: Foreign Trade (Dec), South Africa: Fuel Prices (Feb)
- more updates...
Economy in Brief
U.S. Pending Home Sales Decline in December and for All of 2014
The NAR reported that pending sales of single-family homes declined 3.7% last month (+6.1% y/y) following a revised 0.6% November increase...
EMU Money and Credit Struggle Higher
EMU money and credit growth in December show signs of making progress...
U.S. State Unemployment Rates Fall To New Lows
The overall U.S. unemployment rate in December of 5.6% stood at its six-year low and remained down from 10.0% at the late-2009 peak...
FOMC Sees Economic Expansion as "Solid"
At today's meeting of the Federal Open Market Committee, the Fed reaffirmed its prior view that the U.S. expansion is continuing at a "solid pace."...
U.S. Mortgage Loan Applications Slip; Interest Rates Notch Higher
The MBA total Mortgage Market Volume Index edged down 3.2% last week (+34.9% y/y) following the near-doubling during the prior three weeks...
Does German Success Threaten Its Prosperity?
German consumers in February are feeling great, according to GfK...
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|