- Germany: Import & Export Prices (Oct)
- Qatar: PPI (Sep)
- Estonia: Wages (Sep)
- Australia: Construction Work Done (Q3)
- Japan: Labor Productivity Statistics, Banking Accounts Regional Banks and Domestic Banks, Financial Institutions Accounts (Sep)
- Korea: Consumer Survey Index (Nov); Singapore: IP (Oct)
- US: S&P Case Shiller Home Price Indexes, FHFA HPI (Sep),
- more updates...
Economy in Brief
U.S. Consumer Confidence Pulls Back to Five-Month Low
The Conference Board reading of consumer confidence retreated to 88.7 this month (+23.2% y/y) from 94.1 in October...
U.S. FHFA Home Price Index Remains Unchanged
The FHFA U.S. House Price Index remained unchanged during September following a 0.4% August gain...
U.S. Gasoline & Crude Oil Costs Decline; Natural Gas Prices Increas
The price for a gallon of regular gasoline fell to $2.82 last week (-14.3% y/y)...
Finalized GDP in Germany, the Vampire Economy
The German economy in the third quarter posted weak growth...
Chicago Fed National Activity Index Moderates
The Chicago Federal Reserve reported that its National Activity Index (CFNAI) for October fell to 0.14 from 0.29 in September...
Texas Factory Sector Activity Outlook Suggests Continued Growth
The Federal Reserve Bank of Dallas indicated that business conditions remained positive this month...
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|