Revealed: US bank exposure to PIGS crisis

December 14, 2010

The Bank of International Settlements has just revealed the extent of US “exposure” in the credit turmoil in Portugal, Spain, Ireland and Greece. This exposure is defined as “the positive market value of derivative contracts, guarantees extended and credit commitments.” In other words, that’s what our banks have to lose if the banking systems in those countries collapses. The figure: over $350 billion.

Even these days, that’s still a lot of money.

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One Response to Revealed: US bank exposure to PIGS crisis

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