Chart of the day: Exposures to Greece, Ireland, Portugal and Spain
I am going through the BIS Quarterly Review that just came out and it is packed with useful information about the global economy. With regard to the sovereign debt crisis, I found the following chart a good one for getting a feel for the exposure to the crisis-ridden countries of the Eurozone. Notice how Ireland is considered in this analysis and Italy is not.
About Edward Harrison
- Links: 2010-04-30 On contagion, Ireland looks best, Portugal looks good, Spain looks worst 30 Apr 2010
- After Greece and Portugal, does Spain come next? 29 Jan 2010
- Ireland, Spain, Canada and Germany scrutiny 4 May 2008
- Spain and Ireland ‘thrown to the wolves’ after ECB move 4 Jul 2008
- Links: 2010-03-24 – The usual suspects of Greece, China and Portugal 24 Mar 2010
The only way this chart could have Ireland and Spain on similar axes is if it includes IFSC debt, which has to be as a drawback for the chart (cf. http://www.ronanlyons.com/2010/05/11/untangling-europes-web-of-debt/). International financial obligations may certainly “count” in grand totals but they are not covered by government guarantee nor would Depfa, StateStreet or Fidelity et al ever expect the Irish government to be a first port of call in a crisis.