Piigs, In Graphical Form

[PropertyGuru]

apologies if its a repost, but I think this is brilliant

[monty1080]

apologies if its a repost, but I think this is brilliant

Is the star of David pattern intentional ? It looks like France has the greatest exposure, I'm surprised they aren't making more noise about it.

[Dave Spart]

Is that an Illuminati pentagram I see before me?

[Dave Spart]

Is the star of David pattern intentional ? It looks like France has the greatest exposure, I'm surprised they aren't making more noise about it.

Great minds etc

[Dosser]

I found this the other night on FT (I think) I tried to find it again the next day and couldn't. So thanks!

and yes it's a great picture - just shows perfectly how we're all in the cr4pper together.

[Dave Spart]

The size of Britain's debt is represented by the white area.

[blue skies]

Moody's warns UK banks 'at risk of Greek contagion’

Emily Ford

UK banks are at serious risk of falling victim to “contagion” from the Greek debt crisis, the credit rating agency Moody’s warned today.

The sheer size and “vulnerability” of the Britain’s banking sector would present a threat to the economy if the UK’s sovereign creditworthiness was called into question after Greece and its banks were downgraded last week, the ratings agency said in a report.

While Portugal is at the forefront of investor concern over the level of its debt, the UK was in greater danger of sovereign contagion from exposure to the Greek banks, Moody’s said.

Banking assets represent the equivalent of more than 400 per cent of GDP in the UK, compared with 150 per cent in Greece.

“Each of the six banking systems Portugal, Spain, Italy, Ireland, Greece, the UK... faces different challenges, but the contagion risk could dilute these differences and impose very real, common threats on all of them,” Moody’s said.

The warning fuelled concerns that the Greek crisis might engulf other debt-laden eurozone economies, as the euro slid to a one-year low against the dollar.

The euro fell to $1.2780, with the report from Moody’s arguing that the Greek debt crisis could infect the economies of the UK, the Irish Republic, Italy, Portugal and Spain.

However, markets bounced back as the Greek Government prepared to pass a vote on austerity measures that would enable it to accept a 110 million (£93.3 million) bailout package.

The FTSE 100 rallied to 5,36.51 in mid-morning trading after losing 1.3 per cent at the market’s opening, with investors still jittery over the uncertainty surrounding the general election and suggestions among traders that lending between European banks was tightening.

Other European markets opened down this morning before rallying later, with the Paris CAC 40 index falling by 1.44 per cent before regaining ground to 3,641.42 points, while the Frankfurt DAX 30 climbed 16.71 points to 5,975.16 points.

In Asia, the Nikkei in Japan recorded its biggest one-day loss since March last year, falling 3.3 per cent to a two-month low of 10,695 as the markets opened after a public holiday. Hong Kong’s Hang Seng lost 221.47 points, or 1.09 per cent, to 20,106 and in Shanghai the Composite index fell to 2,808.3 points, down 1.7 per cent.

The cost of insuring Portuguese debt rose to a record high yesterday after Moody’s placed Portugal’s credit rating on a three-month review, suggesting an imminent downgrade.

Meanwhile, the mood in Greece was sombre as the banks there closed out of respect for the three bank workers who died in protests yesterday.

The Greek Government is expected to pass a vote today on the austerity measures attached to the financial bailout package.

Greek unions called today for more protests at the public sector cuts.