- Germany: GFK Consumer Climate Survey (Nov), Import/Export Prices (Oct), Credit Constraint Indicators (Nov)
- Turkey: Tourism, Foreign Reserves (Oct), Construction Labor Input Indexes (Q3); Mauritius: Foreign Trade (Q3)
- Belgium: CPI (Nov)
- Mexico: Trade, Employment (Oct)
- Italy: Business and Consumer Survey (Nov)
- UK: GfK Consumer Confidence (Nov), CBI Services Sector Survey (Q4), GDP (Q3-2nd Release)
- more updates...
Economy in Brief
Durable Goods Orders Rebound More Strongly Than Expected in October
Durable goods orders started the third quarter strongly, jumping up 3.0%/m (0.5% y/y)...
U.S. New Home Sales Rise M/M but Tread Water This Year
Sales of new single-family homes increased 10.7% during October to 495,000 (AR) from 447,000 in September, revised from 468,000. ...
U.S. FHFA Home Price Index Firmer in September
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.8% in September (6.1% y/y)...
US Initial Jobless Insurance Claims Fall Unexpectedly
Initial claims for unemployment insurance unexpectedly fell to 260,000 in the week ending November 21 from an unrevised 271,000 the previous week...
Retail Sales Growth Turns Negative In September
Retail sales volumes and consumer confidence in Italy have recovered much better than has the Italian industrial sector...
U.S. GDP Growth Is Revised Up With Inventories; Corporate Profits Decline
Economic growth was revised higher to 2.1% (AR) during Q3'15...
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|