With Europe set to open in a little over 12 hours, and with rumors of Greek default once again flying around in their private taxpayer funded jets (only to turn back to their point of origin shortly after take off), we wish to remind readers that a chart is worth a thousand words. In this case several charts, courtesy of Reuters, which has created the ultimate in interactive data presentations on the Euro crisis. The data aggregates exposure across public debt, bank and non-bank private sectors, debt maturity, default risk. Note that the charts (based on BIS data) only include external-looking debt held on the books, and not debt subsequently repoed back to the ECB, for which the intermediary exposure is back to domestic banks, and the final is to Europe's taxpayers themselves.
First, the doomed periphery...
and on to the core:
Whose debt matures when, on an absolute basis:
Bank default risk is close to all time highs across the board:
And last, and certainly most important, is the chart Zero Hedge created back in February 2010 explaining why Europe is doomed.