According to data from the Bank of International Settlements (BIS), it is exposure to the private sector that may cause Spain's foreign creditors the biggest problem. BIS third-quarter 2010 data reveal that exposure to non-bank, private sector companies in Spain amounts to $405.3bn, versus public sector debt exposure of $123bn.
Germany is Spain's biggest creditor, with a total exposure of $242.3bn. However, France is not far behind, with a total exposure of $224.7bn. The US is owed $187.6bn, and the UK $152.5bn.
In terms of European peripheral economies, Germany is also the biggest creditor but by a larger margin, with a total exposure of $568.7bn, versus $440bn and $430bn for France and the UK, respectively. Interestingly, 68% of the US's exposure to peripheral eurozone economies (a total of almost $392bn) relates to ‘other exposures’, which include positive market values of derivatives contracts, guarantees extended and credit commitments.
