Tuesday, June 15, 2010

Europe's $1.6 trillion hangover

Subject: txt intl mny tax -
Banks in France and Germany alone have nearly $1 trillion in exposure to the staggering economies of southern Europe, according to a report issued Monday by banking watchdogs. The Bank of International Settlements report says German banks have 12% of their capital in government bonds issued by the three hard-hit southern European countries. But France isn't far behind, with 8% of capital exposed to the public sectors of the three stressed nations.

But Europe's banks have bigger troubles, the BIS report shows. Together they have $727 billion of exposures to Spain, $402 billion to Ireland, $244 billion to Portugal, and on and on...


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