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 bill