Sunday Spectacle CXIX
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhunOaP7aXOEYrMv9t2A-o_yJjizqPEZX9jrts1yPEgNFUDBsL_ieC7_dZlweCazzKLaF0BH8zpw1KvWwY3JAoUnrwkqd_WhC0zcWbVnw3-WkVoeTXvaUJLlom7OsRtHS1VxOVpYDepMz1L/s640/Exposure+to+PIIGS+revisited+%2528The+Globe+and+Mail%252C+Apr+21+2011%2529+-+bankclaims_1267630a.jpg)
Bank Exposure to PIIGS Revisited (source: " Foreign bank claims on PIIGS and core Europe ," The Globe & Mail. Published Thursday, Apr. 21, 2011 2:02PM EDT) As I have suggested in the past, the PIIGS are a problem but they are over-rated (except in the case that Spain or Italy falls—unlikely IMO). In any case, here is a re-hash of the foreign bank exposure to the PIIGS. I covered it in the past but it's always good re-visit this issue. As I have pointed out in the past, countries like Germany and Netherlands aren't necessarily being charitable when they allow ECB to funnel money into the troubled countries; part of the reason is actually because most of their banks are heavily exposed to the PIIGS.