>> Login Sostenitori :              | 

RSS 2.0
TUTTI |0-9 |A |B |C |D |E |F |G |H |I |J |K |L |M |N |O |P |Q |R |S |T |U |V |W |X |Y |Z

Archivio Articoli Copia di Worldwide

Italy owes German banks 116 Billion euros
  Text size
Le banche tedesche hanno 116 miliardi di euro di buoni del tesoro italiani.....

As financial markets increasingly turn to Italy, we should remember that Italy is the 3rd largest economy in the euro zone and it has deep connections throughout the euro area. This morning’s Handelsblatt says “if the country is in serious difficulties, the German banks have a problem.” And that is because Italy is among the largest debtors in the euro area of German financial institutions, with an estimated $116 billion of debt outstanding financed by German institutions.

Handelsblatt figures show that there are only four countries where German banks have greater commitments: France (€145.6 billion), Spain (125.2 billion), Luxembourg (120.9 billion), and the Netherlands (117.7 billion). By comparison, German banks only have loans and credit of about €17 billion to Greece.

Die Welt, another German newspaper, reported yesterday that Italy has become the main concern for the euro zone as its debt sells off. Contagion has clearly reached the core. The ECB suggests doubling the EFSF and IMF facilities to deal with this. However, I should add that Felix Zulauf warned in May in Handelsblatt that he had turned bearish and expected Italy to be the next crisis country in euro land. He also mentioned a slow motion run on Italian bank deposits as a worrying sign. Ed Hugh also wrote a good piece on Italy’s problems last week. So the problems in Italy have been flagged.

The problem is if “markets become skittish about Spain or Italy, which cannot be bailed out. So EU leaders will cut Greece loose” and indeed, there is talk about doing just that – allowing Greece to default. I will be discussing the European situation and America’s debt ceiling crisis on BNN at 1230ET. What I will say is that, with Italy, a core euro zone country becoming infected by contagion, I think the policy of extend and pretend may have reached the end of the line. That is why euro leaders are meeting. They recognize a new approach is necessary or the euro zone will come apart.

Source >  Credit Writedowns

Home  >  Worldwide                                                                               Back to top


Libreria Ritorno al Reale

La libreria on-line di EFFEDIEFFE: una selezione di oltre 1300 testi, molti introvabili, in linea con lo spirito editoriale che ci contraddistingue.

Servizi online EFFEDIEFFE.com

Archivio EFFEDIEFFE : Cerca nell'archivio
EFFEDIEFFE tutti i nostri articoli dal
2004 in poi.

Lettere alla redazione : Scrivi a

Iscriviti alla Newsletter : Resta
aggiornato con gli eventi e le novita'
editorali EFFEDIEFFE

Chi Siamo : Per conoscere la nostra missione, la fede e gli ideali che animano il nostro lavoro.

Redazione : Conoscete tutti i collaboratori EFFEDIEFFE.com

Contatta EFFEDIEFFE : Come
raggiungerci e come contattarci
per telefono e email.

RSS : Rimani aggiornato con i nostri Web feeds

effedieffe Il sito www.effedieffe.com.non è un "prodotto editoriale diffuso al pubblico con periodicità regolare e contraddistinto da una testata", come richiede la legge numero 62 del 7 marzo 2001. Gli aggiornamenti vengono effettuati senza alcuna scadenza fissa e/o periodicità