- Japan: All Industry Activity Indexes (Oct)
- China: BOP (Q3)
- UK: GFK Consumer Confidence (Dec)
- New Zealand: Job Advertisements, External Migration (Nov), Business Outlook Survey (Dec)
- **Turkey IIP moved to BPM6**
- Turkey: Weighted Average Interest Rates for Deposits (Oct)
- US: Composite Indexes (Nov)
- more updates...
Economy in Brief
U.S. Initial Unemployment Insurance Claims Edge Down
Initial claims for unemployment insurance during the week ended December 13 fell to 289,000 (-21.5% y/y)...
Philadelphia Fed Business Conditions Index Indicates Moderating Growth
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for December declined to 24.5...
German Ifo Bounces in December
The climate, current and expectations indices bounced higher in December from a local low in November...
FOMC Indicates Patience Toward Raising Rates
The Fed indicated, "Based on its current assessment (of the economy), the Committee judges that it can be patient in beginning to normalize the stance of monetary policy."...
U.S. Consumer Prices Post Largest Decline Since 2008; Core Prices Moderate
Inflationary pressures remain well contained...
U.S. Current Account Deficit Deepens Slightly
The U.S. current account deficit deepened in Q3'14 to $100.3 billion from $98.4 billion in Q2...
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|