Here's Everyone Who Would Get Slammed In A Spanish Debt Crisis

Spain Bank Exposure

Spain is a far more important worry for markets than Greece or Portugal. In the wider scope of the European crisis, it is the only member of the PIGS capable of rocking markets worldwide.

The problems in Spain start with a low growth rate and high unemployment, which means there is limited tax revenue for the cash strapped government.

The problems get worse because the country’s private sector is overly indebted, with much of that coming from an industry unlikely to return to growth: building construction and real estate.

The banking sector has had to handle the burden of these losses and has yet to pass them onto the government, which is in its own right over-leveraged.

This is a quintessential sovereign debt crisis. And now the risk is contagion.

We have the countries and banks that would be most effected by a default for you right here.

Spain's debt is out of control considering its place in the global growth rankings.

Source: Evolution Securities

Only the UK is in worse shape, when total debt is considered.

Source: Evolution Securities

Private sector debt is a particular concern; it slows growth and may become a government burden.

Source: Evolution Securities

The numbers stack up horribly for a Spanish government that has yet to bailout its financial sector.

Source: Evolution Securities

A significant amount of that worrying debt is in foreign holdings...

Source: Evolution Securities

And banks are at the centre of that contagion risk.

Source: Evolution Securities

Germany has failed to be forward about its debt contagion levels, France not far behind.

Source: Evolution Securities

German bank claims are the outright largest, with France just slightly behind.

Source: Evolution Securities

ING, Barclays, and RBS have the largest reported exposures.

Source: Evolution Securities

Dexia, ING, and Deutsche Bank have the largest threats to their asset valuations.

Source: Evolution Securities

Banks need to start planning for the resulting scenarios of partial default.

Source: Evolution Securities

See how Spain got into this mess with a review of its economic problems.

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