Guess Which State Will Get Slammed The Hardest If Europe Goes Bust

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As Europe’s sovereign debt crisis persists everyone is worried about what this could mean for non-European economies. Yesterday, the San Francisco Fed Reserve said the U.S. faces a 50% chance of recession in early 2012 driven largely by international risks.The European rout has affected U.S. financial markets, since European demand accounts for 41% of revenues of companies in the S&P500 index. And the slowdown in the eurozone has also impacted the demand for American exports.

A new report from Wells Fargo provides a breakdown of American states with the largest exposure to Europe. In the backdrop of an already sluggish economy these states stand to be hit hard.

#15 Tennessee

European exports as per cent of GDP: 2.11%

Share of total exports: 20.7%

Source: U.S. Department of Commerce and Wells Fargo

#14 New Jersey

European exports as per cent of GDP: 2.2%

Share of total exports: 33.33%

Source: U.S. Department of Commerce and Wells Fargo

#13 Texas

European exports as per cent of GDP: 2.2%

Share of total exports: 12.84%

Source: U.S. Department of Commerce and Wells Fargo

#12 Nevada

European exports as per cent of GDP: 2.37%

Share of total exports: 50.41%

Source: U.S. Department of Commerce and Wells Fargo

#11 Alabama

European exports as per cent of GDP: 2.55%

Share of total exports: 28.43%

Source: U.S. Department of Commerce and Wells Fargo

#10 Delaware

European exports as per cent of GDP: 2.78%

Share of total exports: 34.83%

Source: U.S. Department of Commerce and Wells Fargo

#9 Massachusetts

European exports as per cent of GDP: 2.82%

Share of total exports: 40.64%

Source: U.S. Department of Commerce and Wells Fargo

#8 Washington

European exports as per cent of GDP: 2.83%

Share of total exports: 18.07%

Source: U.S. Department of Commerce and Wells Fargo

#7 Indiana

European exports as per cent of GDP: 2.92%

Share of total exports: 27.98%

Source: U.S. Department of Commerce and Wells Fargo

#6 Connecticut

European exports as per cent of GDP: 2.96%

Share of total exports: 43.71%

Source: U.S. Department of Commerce and Wells Fargo

#5 Kentucky

European exports as per cent of GDP: 3.1%

Share of total exports: 26.16%

Source: U.S. Department of Commerce and Wells Fargo

#4 Louisiana

European exports as per cent of GDP: 3.47%

Share of total exports: 18.36%

Source: U.S. Department of Commerce and Wells Fargo

#3 West Virginia

European exports as per cent of GDP: 3.9%

Share of total exports: 39.1%

Source: U.S. Department of Commerce and Wells Fargo

#2 South Carolina

European exports as per cent of GDP: 4.1%

Share of total exports: 33.17%

Source: U.S. Department of Commerce and Wells Fargo

#1 Utah

European exports as per cent of GDP: 5.56%

Share of total exports: 46.14%

Source: U.S. Department of Commerce and Wells Fargo

Now here are the countries with the most balance sheet risk...

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