Since May 2010, banks of eight countries with assets directly exposed to the PIIGS group of countries have made considerable progress in reducing that exposure, based on the figures reported here, now and previously:
IRELAND ........ down 65 percent to $ 31.7 billion
Netherlands ........ down 38 percent to $150.5 billion
Belgium ............... down 34 percent to $ 78.2 billion
PORTUGAL ........ down 30 percent to $ 45.2 billion
France ....... down 29 percent to $646.5 billion
Germany ..... down 24 percent to $532.7 billion
U.K. ............. down 17 percent to $347.2 billion
SPAIN............ down 15 percent to $126.8 billion.
Two additional countries, Austria ($36.8 billion exposed) and Switzerland ($56.4 billion exposed), join these eight in the top ten ranked by seriousness of exposure to PIIGS as a percentage of their bank assets. These are, in descending order:
UK, France, Portugal, Belgium, Germany, Netherlands, Austria, Spain, Switzerland and Ireland.
UK, France, Portugal, Belgium, Germany, Netherlands, Austria, Spain, Switzerland and Ireland.
PIIGS ranked by the most owed to the banks of these ten countries are as follows:
Italy $780.3 billion
Spain $594.5 billion
Ireland $357.4 billion
Portugal $189.5 billion
Greece $130.0 billion.
Total owed by PIIGS to the banks of just these 10 countries: $2.052 trillion.
