- US: FHFA Home Mortgage Terms, Advance Durable Goods (Aug)
- US: Personal Income by Region and State (Q2, Revisions back to 1998)
- Estonia: Money Supply (Aug); Ukraine: Wages (Press - Aug)
- US: Personal Income by Region and State (2015 and Revisions)
- Turkey: Intl Reserves and Foreign Currency Liquidity (Aug); Palestine: Public Debt, Capital Market Indicators (Aug), GDP (Q2); Mauritius: LFS (Q2)
- Italy: Business and Consumer Surveys (Sep), Contractual Wages (Aug)
- Vietnam: Industrial Production (Sep); Korea: Flow of Funds (Q2);
- more updates...
Economy in Brief
U.S. Natural Gas Prices Increase; Petroleum Prices Steady
Natural gas prices remained strong last week and increased to $3.07 per mmbtu (19.4% y/y)...
Euro Area Money and Credit Growth Bump Along
The euro area remains largely unresponsive to all the central bank's efforts to revive it...
U.S. New Home Sales & Prices Decline
The new home market has weakened recently...
Dallas Fed Factory Sector Activity Improves
The Dallas Fed reported that its general activity index of factory sector activity in Texas remained negative during September...
Surprise Spurt in Germany's IFO: Should You Believe It?
Germany's business expectations in the IFO survey 'flipped' from a reading of -2.8 in August to one of +5.9 in September...
Euro Area Composite PMI Weakens; Trends Diverge
The EMU composite (private sector) index has fallen in September to a diffusion reading of 52.6 from 52.9 in August...
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|