- Macao: Labor Force Survey (Feb); Singapore: Domestic Supply Supply (Feb)
- Japan: Input Output Prices, Consumer Price Index, Labor Force Survey (Feb), Wholesale & Retail Trade, Current Survey of Mass Merchandise Specialty Retailers (Feb-Prelim)
- US: Kansas City Fed Mfg Survey (Mar)
- Netherlands: GDP,BOP, IIP, External Debt (Q4); Luxembourg: BOP, IIP, External Debt (Q4)
- more updates...
Economy in Brief
Kansas City Fed's Factory Sector Index Moves Sharply Lower, Helped by Port Closings
The Federal Reserve Bank of Kansas City reported that business activity moderated significantly this month...
EMU Trends Turn Up for Credit and Money
The EMU is showing a clear pick up in credit and money growth trends as of February...
U.S. Durable Goods Orders Decline is Broad-Based
New orders for durable goods fell 1.4% during February (+0.6% y/y) following a 2.0% January increase...
U.S. Mortgage Loan Applications Recover as Interest Rates Decline
The MBA U.S. total Mortgage Market Volume Index increased 9.5% last week (21.0% y/y) to the highest level since early-February...
French Business Climate Erodes and Momentum Flattens Out
The INSEE survey of French business climate slipped to 99 in March from 100...
U.S. Consumer Prices Increase With Energy Price Turnaround; Core Prices Firm
The consumer price index gained 0.2% (-0.1% y/y), the first increase in four months...
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|