Where the problems will pop up next?

       ΧΡΕΗ ΚΡΑΤΩΝ ΤΗΣ  E.U.

Ιταλία:           1.400

Ισπανία:         1.100

Ιρλανδία:           867

Πορτογαλία:      286

Ελλάδα:             236

          

In and Out of Each Other’s European Wallets

 " ...

The first domino is Greece. It owes nearly $10 billion to Portuguese banks, and with Portugal already falling two notches in S. & P.’s ratings and facing higher borrowing costs, a default by Greece would be a staggering blow. Portugal, in turn, owes $86 billion to banks in Spain; Spain’s debt was downgraded one notch last week. “This is not a bailout of Greece,” said Eric Fine, who manages Van Eck G-175 Strategies, a hedge fund specializing in currencies and emerging market debt. “This is a bailout of the euro system.”

The numbers quickly mount. Ireland is heavily indebted to Germany and Britain. The exposure of German banks to Spanish debt totals $238 billion, according to the Bank for International Settlements, while French banks hold another $220 billion. And Italy, whose finances are perennially shaky, is owed $31 billion by Spain and owes France $511 billion, or nearly 20 percent of the French gross domestic product.

... ''

 

ΠΗΓΗ

nytimes.comhttp:// www. nytimes. com /2010/05/02/weekinreview/02schwartz.html