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Interactive Infographic Of The Doomed European Financial System

Tyler Durden's picture


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:




and France:

And Germany:

Whose debt matures when, on an absolute basis:

And proportional:

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.


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Sun, 09/18/2011 - 12:08 | 1681954 oogs66
oogs66's picture

Great to get some details. Something big seems to be up this weekend One last gasp to save it all?

Sun, 09/18/2011 - 12:24 | 1682012 Earl of Chiswick
Earl of Chiswick's picture

here's the interactive version standalone

Sun, 09/18/2011 - 12:26 | 1682016 markmotive
markmotive's picture

Although most think I'm crazy, I believe the hyperinflation case is stronger than ever.

In fact, there is a meaningful risk that the entire Western World hyperinflates at the same time.

Sun, 09/18/2011 - 12:36 | 1682051 maxmad
maxmad's picture

It is called Hyperstagbiflation, bitchez!

Sun, 09/18/2011 - 13:19 | 1682145 espirit
espirit's picture

Time to be handed a hot potato or an empty bag.

Timmah tried to convince everyone else the hot potato was the best choice, as long as he didn't become the recipient.

Sun, 09/18/2011 - 16:01 | 1682606 eisley79
eisley79's picture


Sun, 09/18/2011 - 16:20 | 1682653 goldm3mb3r
goldm3mb3r's picture

All those countries, borrowing so much money, to spend on total bollocks.

Sun, 09/18/2011 - 16:36 | 1682722 falak pema
falak pema's picture

Oligarchical golden bollocks...that grow like water mellons.

Sun, 09/18/2011 - 13:44 | 1682203 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

No, no it is called debt-deflation bichez!!

Sun, 09/18/2011 - 13:47 | 1682212 Careless Whisper
Careless Whisper's picture

<======== NOT going to feel sorry for France.

Sun, 09/18/2011 - 14:09 | 1682277 Spitzer
Spitzer's picture

debt deflation is a myth you fool. Show me a debtor country who's currency rose in value as their economy imploded...

Sun, 09/18/2011 - 15:32 | 1682501 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

@Spitzer, 1990's to present Japan. 1930-1933 USA. Deflation is what happens before the currency collapse takes hold.

Sun, 09/18/2011 - 16:06 | 1682621 nasdaq99
nasdaq99's picture

look at the US.  bernanke has been printing like a madman trying to stave off debt deflation here and is barely getting 1%.  this could be the big one, now that all developed markets are broke.  it won't be inflationary.

Sun, 09/18/2011 - 15:03 | 1682411 Troy Ounce
Troy Ounce's picture



Krugflation, I would say.....

Sun, 09/18/2011 - 12:36 | 1682042 Snidley Whipsnae
Snidley Whipsnae's picture

oogs66... "Something big seems to be up this weekend "

I got that feeling Friday. About 3am Fri, prior to LBMA opening, gold moved up sharply from $1770 range to about $1820 range...on little news that I could find. Of course there is the ongoing banking/soverign crisis around the world so extracting signal from noise is not so easy.

Next week could certainly see fireworks. Benny is having a 2 day meeting with fraudster pals so who knows what new schemes the thieves might dream up.

Sun, 09/18/2011 - 12:54 | 1682095 LawsofPhysics
LawsofPhysics's picture

I got the same feeling as well.  Moved back to cash and put another 50K in a 1 year CD at 3.5%  figured what the fuck, another chunk that I don't have to worry about and that will generate some income without thinking about it.  Does anyone think that a world default might be an option?  I mean, even China will default when there are no paying customers left.  I say America should invite them access to resources at a mega premium and pay off our debt with gold (if it exists).  They will build some new infrastructure for us in the process and employment will shoot up.  We did a similar thing with the railroad expansion in the 1800's.  Funny how that was also a chaotic period.


Sun, 09/18/2011 - 13:21 | 1682146 Oh regional Indian
Oh regional Indian's picture

LOP, are you suggesting the JooBilly? Unlikely. Verrrrry unlikely.

Till there is a public that can be squeezed, public will be squeezed. All this HUGE< BIG< SCREAMING HEADLINE< END OF THE BANKING WORLD noose is only because they will suggest a system that will replace these horrible, irresponsible banks with a transnational Bank (and that is no BiS). 

I have another thought though, one that me makes me a leedle more nervous, sitting where I am. And that is, that Asia will take the brunt one more time in a can-kick a la 1997.

Asia (minus China) is so far in the hock or on the carry trade funded, credit fueled hig that they can be played one more time with no significant blow-back.

Then, maybe by year-end, the Faust (I mean First) world will really get it in the nuts.

But that is just a conjecture. I'll say this though, things on the ground are not good. In any dimension except what is magically being reported in the MSM.

Just a crappy situation all around.


Where do we fit?

Sun, 09/18/2011 - 13:23 | 1682152 Snidley Whipsnae
Snidley Whipsnae's picture

"We did a similar thing with the railroad expansion in the 1800's. Funny how that was also a chaotic period."

I would characterize the railroad expansion era as more than 'chaotic'. It was rife with cronyism, crooked pols, monopolists and thieves, much as we see today.

It's really too bad because the era and it's thieves doomed railroads in the US to a bleak future once the public had the alternative of autos/trucks and highways. Outrageous freight rates, imposed on farmers, oil producers and other manufacturers caused a great hatred of railroads to arise. Many producers would pay more to move their product by truck ... For instance if you were a small time oil producer and moved your oil by rail, you were subsidizing Standard Oil, your competitor in the oil biz...who happened to own the rail road.

Sun, 09/18/2011 - 13:38 | 1682186 bid the soldier...
bid the soldiers shoot's picture

Where does one get a CD at 3.5%?  The Bank of Athens?

Sun, 09/18/2011 - 14:13 | 1682291 Corn1945
Corn1945's picture

You don't. He's lying. I've seen three year CDs that are much lower than that.

Sun, 09/18/2011 - 15:39 | 1682481 LawsofPhysics
LawsofPhysics's picture

No dipshit, you do.  most people do not ask or even manage their company's 401K.  As it turns out some financial company's, Valic is one, offer special fixed interest rate accounts to members (basically CDs - caution they also have some of the same stupid rules) that allows you to park funds while you are waiting for conditions to improve.  So yes, while this was done through a retirement plan it is basically a CD.  In my case the only funds that can be removed from the account are those that were not put in via my retirement contribution and can not exceed 80% of my total holdings in that fund.  Most people don't even realize that there are ways to take advantage of your retirement plan providers.  Another perfect example is free trading accounts (look, they WANT you to gamble).

In regard to any fixed rate investment, there are the problems;  1)  most sheeple don't even manage their own 401ks, so they completely miss stuff like this.  2)  These "fixed interest" accounts are disappearing as banks now want to be the only entity "entitled" to collect compound interest.

How do the sheep expect to get ahead when they don't even use tools that may be at their disposal already?  Stupid is as stupid does I guess.

Sun, 09/18/2011 - 14:27 | 1682326 11b40
11b40's picture

Wondering the same thing.  I just let some roll over.....1%.

Tue, 09/20/2011 - 03:42 | 1687832 matrix2012
matrix2012's picture

Do you mean the Chinese workers, the best railroad builders in the world, who built the Transcontinental Railroad (and the Canadian Pacific Railway as well) under the very harsh conditions in 1800s, linking America's east and west coasts?

These "coolie" labor trade in the mid 1800s were made possible as China lost the opium wars for the second time, one concession was the right of foreign powers to recruit Chinese for overseas work. Britain was the first to use coolies. With the prohibition of the slave trade, it needed to replace freed Black slaves on colonial plantations. As it turned out, the depraved conditions aboard coolie ships and of their work were not unlike slavery. More:

However, China today and China in 1800s are totally different! So you just dream on and live continuously under your daylight dreaming illusion!! Some opium may help indeed :D

Sun, 09/18/2011 - 13:27 | 1682164 Pegasus Muse
Pegasus Muse's picture

Time For Europe’s Bond-Burning Party

Jeff Nielson


In 1948, with Europe a smoldering and financial ruin, the United States bankrolled the “Marshall Plan” – a comprehensive “reconstruction” plan for Europe. The program was an unequivocal success. After the four-year plan had run its term, the economies of Europe had surpassed their pre-war economic output, and it was the beginning of the greatest economic boom in European history.

In 2011 Europe is once again in financial ruins, however this time the cause is not a war, nor even some form of natural catastrophe. Rather, the architects of this destruction were multinational bankers and the shadowy bond-parasites lurking behind them, holders of $10’s of trillions in sovereign debts. Their tools were fraud and deceit, and their original victims were the corrupt and/or weak-willed “leaders” of Europe who were ensnared by the banksters’ “revolutionary” new ways for these governments to (supposedly) finance their growing debts.

Now the victims of these arch-villains are virtually all the peoples of Europe – either facing their own, imminent bankruptcy, or being strong-armed into squandering their wealth through utterly futile “bail-outs”. I have already chronicled in a multi-part series this mass “economic rape”.

The bail-outs are obviously and inevitably futile, because the moment another infusion of loaned money is advanced to one of the debt-sinners, Wall Street’s economic terrorists quickly claw-back every penny of it – by driving up the interest rates on that nation’s debt through their fraudulent manipulation of the credit default swaps market.

A year and a half ago, I suggested it was time for “benign default” in Europe. What I meant by that term was interest forgiveness – since it is the interest on these debts which is bankrupting all of these nations, not the “principal” itself. Bond-holders would be made whole (since they would recover their principal), while the debtor nations would be rendered solvent.

That was then and this is now. A lot has changed over the past eighteen months. Wall Street’s economic terrorism now literally threatens to lay waste to the economies of most of Europe’s population. Interest rates on Greek debt have been pushed up to more than ten times the interest which the United States pays on its debts – despite the fact that the U.S. is at least as insolvent as Greece.

Meanwhile, the economies of Ireland, Portugal, Spain, Italy, and even France are now also at risk. Put another way, every time (over the past two years) that the U.S. propaganda machine has “mused” that a particular European nation might be about to have a “debt crisis” credit default rates have magically begun to spike higher (in the rigged casino which Wall Street calls “the derivatives market”) – which directly leads to higher interest rates on that nation’s debt. Et voila! A “debt crisis” becomes a self-fulfilling prophesy.

As a matter of simple arithmetic (and compound interest) any nation with a large debt can be rendered “insolvent” if their interest rates are forced (manipulated) high enough. Now France is the latest “target of speculation” by major U.S. media sites.

Consequently, we are long past the time for a “benign default” for Europe. I offer instead “the Nielson Plan”: nothing but “scorched Earth” – or should I say scorched bonds? A new, economic Golden Age can be ushered in for Europe, and all it requires is to put a torch to some of the bankers’ paper.

Here’s a question for all the “math whizzes” among readers. If Greece burns all its bonds, how much money will it cost the Greek government (and the Greek people) if the Wall Street terrorists push-up interest rates on 10-year Greek bonds from the already usurious 20+% to 50% or 75% or 100%? Congratulations to all of you who answered “zero”.

That’s right, burn the bonds and the “terrorist threat” is over. And it wouldn’t even be necessary for anyone to drop bombs on the head of anyone else. Hmmm, if Barack Obama can win a Nobel Peace Prize for the bomb-dropping, maybe I should submit my name (and the “Nielson Plan”) to the Nobel Prize committee?

At this point it would have been nice to simply wrap-up this commentary (and then just wait for my Nobel Peace Prize to roll in). Unfortunately I can already hear the deafening cacophony of the ‘Chicken Littles’ (i.e. the friends of the bankers).

“Europe can’t default on any of their bond debts, because all these bonds are spread out among nearly every major bank in Europe. If European nations defaulted on these bonds, virtually all of these banks would be wiped out.”

Yes. Quite right. While it isn’t as just (and as satisfying) as wiping-out all of the Wall Street fraud factories which were directly responsible for this scenario, it would exterminate all of their brethren. For performing such an enormous “public service” for Europe, I should probably get “knighted” – or get some sort of title (“Baron of Bond-justice” perhaps?). For the enormous financial relief of having all of those massive leeches detached from the various treasuries of Europe, that should be enough to earn me a Nobel Prize for Economics (as a book-end for my Peace Prize).

Sadly, the Chicken Littles haven’t yet winded themselves, and they seem to be becoming a little more sly.

“These nations can’t default on their debts or they won’t be allowed to borrow any more money. And with the large deficits these nations have, this would crush their economies.”

Let’s start by reminding the Chicken Littles why these nations have “large deficits”: because of all the interest they pay each year to the bond-parasites. Currently, somewhere over half of every dollar of revenue taken in by the Greek government now goes directly to the bond-parasites as interest – nothing less than permanent, absolute, debt-slavery.

Burn the bonds and those interest payments magically disappear – and so does the Greek “deficit”. Here’s another question for the math whizzes: how much money does the Greek government need to borrow when it’s now running a surplus? Right again with “zero”!

In fact, burn the bonds and (thanks to “austerity”) virtually all of the Euro “debt-sinners” will now be in surplus. Terrorism over. Debts gone. People free.

Annoyingly, the Chicken Littles aren’t finished yet. In fact they are now trying to sound seductive, which is perhaps even more grotesque than their previous screeching.

“They can’t default on their bonds. Some of that debt is held by pensioners, public institutions, and other innocent, domestic holders of these bonds. Even if you wanted to punish the banks and the billionaires, you can’t do so without targeting innocent victims.


Very possibly, once we subtracted the usurious interest payments which these European governments would no longer be making after their bond-burning party, many/most/all of the “innocent victims” could be immediately indemnified by their own governments. If that wasn’t possible, then for all the innocent domestic victims they could be issued new, “domestic” bonds by their government (billionaires and bankers need not apply).

These would be bonds which would not be transferable or made available to any non-domestic holders. Consequently, while Wall Street could still play their devious games with their fraudulent credit default swaps, the individual Euro governments could simply ignore any further attempts at this economic terrorism – since their new debt market would be a closed system, immune to credit default swaps (and Wall Street terrorism).

It is long past the time for half-measures for Europe. As I have warned previously, the latest and most-evil “proposal” by the bankers (and the bond-parasites for whom they front) is for a “Euro bond”: one bond to immediately enslave all of Europe. Should the “Euro bond” ever become a reality, then the Wall Street terrorists could simultaneously do to all of Europe what they are now doing to Greece (and Ireland, and Portugal, and Spain, and Italy) – for there would be only one credit default swap market to manipulate.

With Wall Street’s economic terrorism now an “existential threat” to Europe (certainly in financial terms), it is time for nothing less than a European bond-burning party: where the slaves free themselves from their shackles. The bankers and bond-parasites would have no one to blame but themselves.

Sun, 09/18/2011 - 15:38 | 1682525 LawsofPhysics
LawsofPhysics's picture

Yep, it is the excessive usury that needs to be ended.

Sun, 09/18/2011 - 19:39 | 1683161 StychoKiller
StychoKiller's picture

One Bond to rule them all, One Bond to find them,
One Bond to bring them all and in the darkness bind them.

With Apologies to J.R.R. Tolkien

Tue, 09/20/2011 - 04:26 | 1687859 matrix2012
matrix2012's picture

A very clear description, pinpoint to the darkest realities! This message needs to be transmitted to the masses of European and the rest of world (though the facts that they also grip most if not all of the mainstream media, TV stations, publications etc...they've strong & big trumpets using the MSM) to open the people's eyes of the devilish acts of the banksters and their accomplices: those corrupt politicians at the helm of govts, representatives and central banks. People need to wipe out all the devilish plots and punish them severely!!!

Tue, 09/20/2011 - 05:21 | 1687869 matrix2012
matrix2012's picture

I do hope that some one (or several) will put this Jeff Nielson's writing in better highlighted places than this commentary section only to reach more and wider readers, have stronger impacts!  It's too good to go unnoticed! Thanks for sharing here.

Addition, indeed it's placed in a highlighted place :-) just try to search for it

Meanwhile, here's the original article:

Sun, 09/18/2011 - 12:08 | 1681956 Long-John-Silver
Long-John-Silver's picture

Bank Apocalypse Bitchez!

Sun, 09/18/2011 - 12:53 | 1682089 Manthong
Manthong's picture

What they don't want to recognize is that their chutes have very large holes..

they are just keeping the show going as long as they can.


Sun, 09/18/2011 - 12:08 | 1681957 rambler6421
rambler6421's picture

Default Bitchez!

Sun, 09/18/2011 - 12:11 | 1681965 Buckaroo Banzai
Buckaroo Banzai's picture

All these charts and graphs are so confusing. I think I'll just buy some more gold.

Sun, 09/18/2011 - 12:12 | 1681966 wombats
wombats's picture

Jeez.  How incestuous can it get?

Sun, 09/18/2011 - 12:16 | 1681980 Long-John-Silver
Long-John-Silver's picture

Like going to a family reunion to pick up women.

Sun, 09/18/2011 - 12:18 | 1681988 wombats
wombats's picture

Just like in West Virginia...Incest is best!...Keep it all in the family.

Forget about the gene pool.

Don't worry about anything.

Gubmint will take care of me.

Sun, 09/18/2011 - 16:29 | 1682691 JW n FL
JW n FL's picture



the Rockefellers of West by God Virginia are in bred.

other than that there are Great People in those hills!

where are you from dumb fuck?

Sun, 09/18/2011 - 12:12 | 1681970 spiral_eyes
spiral_eyes's picture

UBS, bitchez?

Sun, 09/18/2011 - 12:14 | 1681975 IMA5U
IMA5U's picture

note the healthy US Capital Ratios vs The Euro Trash


U S A!  U S A !  U S A !!


wait, aren't there those massive mortgage law suits?  BAC?  Yoikes!  Those aren't our banks' real capital ratios.....

way to go Obama.  

Sun, 09/18/2011 - 13:42 | 1682196 GeneMarchbanks
GeneMarchbanks's picture

Three magic words: OFF BALANCE SHEET

Sun, 09/18/2011 - 16:33 | 1682707 falak pema
falak pema's picture

Derivatives stash...when netted out...

Sun, 09/18/2011 - 12:15 | 1681976 daxtonbrown
daxtonbrown's picture

To me this looks really, really, really bad, but I'm an engineer and only do the economics thingy of necessity. How many "reallys" should I be putting before "bad"?? And it looks like the US has 800 billion in total exposure, but not counting off the books stuff. How hosed are we when the avalanche begins?

Sun, 09/18/2011 - 12:18 | 1681986 Long-John-Silver
Long-John-Silver's picture

It matters not where in the rope line your tied when everyone starts getting dragged over the cliff.

Sun, 09/18/2011 - 12:48 | 1682075 Al Huxley
Al Huxley's picture

Funny, I was thinking exactly the same thing. All roped together, all going down together.

Sun, 09/18/2011 - 21:25 | 1683386 Cliff Claven Cheers
Cliff Claven Cheers's picture

Isn't that why Tim is in Europe?  Trying to get them to print Euros out of thin air because it works so well here in the US.

Sun, 09/18/2011 - 12:25 | 1682013 Snidley Whipsnae
Snidley Whipsnae's picture

"How hosed are we when the avalanche begins?"

Think Niagra Falls

"How many "reallys" should I be putting before "bad"??"

Three isn't enough.


Not to worry... Benny has a printing press and can print up another $trillion or so to paper over this little problem.

Problem is, the problems continue to arise... Anyone with a proven success record in crisis management sould report immediately to the Fed for possible employment...

Your country needs you! (insert poster of Unkle Sam pointing finger)


Sun, 09/18/2011 - 12:16 | 1681983 Nate H
Nate H's picture

That last chart is pretty misleading. 

Fist -you need a measure of the total money supply inclusive of all debt in relation to GDP or some metric of production - this goes beyond Govt or banking sector and includes private, household etc debt. The reality is that just about ALL OECD countries, when viewed by such a metric are between 300-600% of GDP -so debt deflation across the board MUST occur - it just depends on what form.


Also -he China numbers are in big need of update (they are much higher).


Sun, 09/18/2011 - 12:19 | 1681989 Earl of Chiswick
Earl of Chiswick's picture

you should read the background of the last chart found here

Sun, 09/18/2011 - 12:53 | 1682029 Nate H
Nate H's picture

read it.

I don't doubt there is huge systemic risk and that its the domino nature of banks at heart of it - just that the ranking of countries risk due only to banks exposure is misleading. My opinion is all OECD nations (including China) are joined at hip financially. Whatever happens is likely to impact us all (or almost all) due to complex interdependent supply chains and lack of import substitution over past 30 years.


And no - I don't think Euro can survive, but hope it does for a few more years so institutions/govt (not the public cheerleaders) can get some things changed/prepared on physical side of economy

Sun, 09/18/2011 - 12:17 | 1681984 AnAnonymous
AnAnonymous's picture

Looking at the situation through financial instruments is doomed to fail.

The euro is a political issue.

The US political philosophy has it that power is exerted institutionally and that the legitimacy of the institutions is renewed each x years.

Once the legitimacy of the institutional power is renewed in key european countries, political decisions will be taken.

Sun, 09/18/2011 - 12:18 | 1681987 LeonardoFibonacci
LeonardoFibonacci's picture

Canadian Maple Leaf gold 1 ounce coins .9999 purity.  Good for the soul & tranquility.



Sun, 09/18/2011 - 12:20 | 1681992 ranrun
ranrun's picture

Where is the US version?

Sun, 09/18/2011 - 14:19 | 1682307 IAmNotMark
IAmNotMark's picture

The eagle isn't the American version.

.9999 fine is the buffalo.

Sun, 09/18/2011 - 14:42 | 1682358 Kali
Kali's picture

I like the buffaloes better too, they are much prettier than the eagles.

Sun, 09/18/2011 - 12:21 | 1681996 LeonardoFibonacci
LeonardoFibonacci's picture

A wheelbarrel full of euros, say 1 million euros.  Well next week the wheelbarrel will be worth more than the euros it is carrying.  So lock up your wheelbarrels folks!

Sun, 09/18/2011 - 12:26 | 1682017 ISEEIT
ISEEIT's picture

Seems that way dude but Ben is likely to teach those uppity Eurocrats a serious lesson. Did you see how ungrateful and disrespectful they were toward our Secretary of the treasury? Poor Timmay was humiliated and paybacks will be a bitch. Europeans will not stand a chance in out spamming the Fed. Political independence be damned I say! PRINT!!!!!!!!!!!

Sun, 09/18/2011 - 13:42 | 1682194 bid the soldier...
bid the soldiers shoot's picture

long wheelbarrows

Sun, 09/18/2011 - 12:21 | 1681997 ISEEIT
ISEEIT's picture

Call it a pickle, call it pig, call it whatever...But just don't call it a Ponzi. Oh no, just don't call it that.

Sun, 09/18/2011 - 12:22 | 1682003 Baboomba
Baboomba's picture

700+ Billion maturing in less then one year = problems for these five.

Sun, 09/18/2011 - 12:56 | 1682101 shutdown
shutdown's picture

No problem. Simply refinance it. 

Sun, 09/18/2011 - 12:29 | 1682026 LeBreizhou
LeBreizhou's picture

That showes that Europe's debt is own by Europeans... If Europe makes Euro Bonds, they would get debt from China or Brasil. Right now Europe as a whole is in the same situation than Japan, they own their own debt.

Is it the case for US? Because if not, Isn't US in bigger trouble than Europe?


Sun, 09/18/2011 - 13:48 | 1682216 bid the soldier...
bid the soldiers shoot's picture

They are joined at the hip.  You figure it out.

Sun, 09/18/2011 - 12:29 | 1682027 LeBreizhou
LeBreizhou's picture

That showes that Europe's debt is own by Europeans... If Europe makes Euro Bonds, they would get debt from China or Brasil. Right now Europe as a whole is in the same situation than Japan, they own their own debt.

Is it the case for US? Because if not, Isn't US in bigger trouble than Europe?


Sun, 09/18/2011 - 12:43 | 1682067 AnAnonymous
AnAnonymous's picture


Sun, 09/18/2011 - 12:29 | 1682028 navy62802
navy62802's picture

Good work by Reuters putting all of that information together.

Sun, 09/18/2011 - 12:30 | 1682030 bugs_
bugs_'s picture

Excellent set of graphics!

Its hard to believe how messy  it is and how easy it is to clean up.  Let it burn.

Sun, 09/18/2011 - 12:35 | 1682046 LeBreizhou
Sun, 09/18/2011 - 12:38 | 1682055 THE DORK OF CORK
THE DORK OF CORK's picture

So the Japs have 20 billion + exposure to Ireland - Holy Fuck !!!!!!!1

What can the Irish state do ???????? - well whales are a protected species in Irish territorial waters....................................

Sun, 09/18/2011 - 12:50 | 1682082 richard in norway
richard in norway's picture

are you guys members of the whaling commison if you could sell your vote for say 20 big ones

Sun, 09/18/2011 - 13:46 | 1682208 THE DORK OF CORK
THE DORK OF CORK's picture

Expensive blubber I suppose - but we sold our soul many moons ago , whats a few Cetaceans in the grand scheme of things.

Sun, 09/18/2011 - 12:59 | 1682109 LeBalance
LeBalance's picture

Seems the Japanese are in need of an new island nation home (one that does not glow in the dark) and the Irish are the debtor.  Easy fix, eh?

Sun, 09/18/2011 - 15:32 | 1682503 bugs_
bugs_'s picture

good suggestion

Sun, 09/18/2011 - 16:06 | 1682622 THE DORK OF CORK
THE DORK OF CORK's picture

Well we have a few spare Paddy fields we can give them.

Tue, 09/20/2011 - 06:34 | 1687961 matrix2012
matrix2012's picture

Then Japs can turn into European for real :D painting their skins to white and doing some cosmetic eye surgery to get wider... hair color is easy to tackle nowadays ... and will get easier to hunt the whales!  ckckkkkkk LOL

Sun, 09/18/2011 - 13:30 | 1682174 Waffen
Waffen's picture

I would gladly give ireland 1 shiny troy oz of Silver a month in exchange for a young promiscous Irish Nanny.

Sun, 09/18/2011 - 12:45 | 1682072 Little John
Little John's picture

Good, clear, informative - Thanks

Sun, 09/18/2011 - 12:58 | 1682104 GeneMarchbanks
GeneMarchbanks's picture

In the last chart every bank over 100% is blowing up as we speak. Dexia leads the way but a close race it is!

Great charts of an even greater circle-jerk!

Sun, 09/18/2011 - 13:05 | 1682118 Nate H
Nate H's picture

just to be clear, with possible exceptions of Amish, off-the-gridders, Buddhist monks, etc. everyone of us residing in those countries and living in the social system of last ~30 years is also part of that 'circle-jerk'....

Sun, 09/18/2011 - 13:18 | 1682144 GeneMarchbanks
GeneMarchbanks's picture

As an 'off-the-gridder' who isn't in any of those countries, I must say you are correct indeed. Proceed accordingly.

Sun, 09/18/2011 - 23:00 | 1683583 PonziBeaver
PonziBeaver's picture

The early ones to the circle-jerk get out with their bonuses and indexed pensions ... everyone else gets a gooey mess!


Sun, 09/18/2011 - 13:25 | 1682157 SwingForce
SwingForce's picture

Turn my green shoots back to brown....

Sun, 09/18/2011 - 13:38 | 1682184 exiledbear
exiledbear's picture

Ahem. Since when did the U.S. become part of Europe?

Sun, 09/18/2011 - 15:06 | 1682416 lesterbegood
lesterbegood's picture

In 1871 the USG incorporates becoming a for-profit municipal corporation (26 USC 3002)

In 1913 the Federal Reserve Act is passed, handing over the creation and control of the peoples money to private banks (Crown bankers).

In 1921 the Independent Treasury Act is passed, handing over control of the peoples treasury to the IMF. Timmay gets his paycheck from the IMF, not the US Treasury.

In 1933, US, Inc. covertly declares bankruptcy, FDR declares a bank holiday, pulls all gold coin from circulation, and declares personal possesion of gold illegal and orders confiscation of the peoples gold, since it was'nt theirs anymore, in return for made-up money substitute (FRNs). Amended the Trading with the Enemy Act of 1917 to classify all US citizens as enemy combatants with respect to US, Inc. All public and private lands, people, and everything else the people once owned deeded to the Federal Reserve/IMF as collateral for the national debt.

In 1944, the Breton-Woods Agreement was signed, confirmed by CONgress, whereas US, Inc. quit-claimed the District of Columbia to the IMF.


Tue, 09/20/2011 - 06:25 | 1687951 matrix2012
matrix2012's picture

what happened to the site: ??? Server not found!!! RIP already !?

Sun, 09/18/2011 - 13:42 | 1682190 Little John
Little John's picture

"The lamps are going out all over Europe. We shall not see them lit again in our time"

Sir Edward Grey, British Foriegn Secretary, August 3 1914

Sun, 09/18/2011 - 14:06 | 1682265 I am Jobe
I am Jobe's picture

Collective failure. Interesting. Time for China to take over and call it China Europe and put the mofo's to work. F this shitz.

Sun, 09/18/2011 - 14:09 | 1682274 Silverhog
Silverhog's picture

When you take one cluster out of the clusterfuck, what happens?

Sun, 09/18/2011 - 14:10 | 1682280 Peter K
Peter K's picture

The fall of Socialism's Western empire is at hand :) Merkel will have her Gorbachev moment in 3......2.......1......:)


Sun, 09/18/2011 - 16:32 | 1682704 JW n FL
JW n FL's picture



you mean that Wall Street wont get 10 times more Tax Dollars than the U.S. Military next year?

i dont believe you!

Sun, 09/18/2011 - 14:14 | 1682293 buzzsaw99
buzzsaw99's picture

for the uk, which, though they didn't join the eurozone, drank the eurotard koolaide anyway:


Sun, 09/18/2011 - 14:37 | 1682347 lesterbegood
lesterbegood's picture

In my humble opinion, we are on the cusp of a momentous event in human history... the end of an era of illicit corporate governance (corporations pretending to be government), and their fiat monetary systems, both which entirely fraudulent. I believe that a global debt jubilee will be proclaimed and honest, real money will be introduced.

Sun, 09/18/2011 - 14:37 | 1682352 falga
falga's picture

The politicians failed and clearly setting the world up for a catastrophic financial failure in the Eurozone on Sep 20... Lehman moment for Europe!
Not only is Greece bankrupt but the system that caused it to fail is bankrupt! Of course Fed will come to rescue of French banks with open $ swap lines this week but politically this will cause a huge problem for Fed in the US and cause a freeze of any further move and possibly the resignation of Geitner or even Bernanke. fasten your seat belts!

Sun, 09/18/2011 - 14:41 | 1682356 Rastamann
Rastamann's picture

how does that BARNEY SONG go again?

i owe you, you owe me, we are all one big debt laden family

Sun, 09/18/2011 - 14:45 | 1682364 virgilcaine
virgilcaine's picture

G Pap wants his money..He is running this circus after all.

Sun, 09/18/2011 - 14:54 | 1682386 gwar5
gwar5's picture

Bukakke is when they get something else besides eggs on their faces for circle jerking all that bad debt this long. There is much 1 year debt due pronto.




Sun, 09/18/2011 - 15:13 | 1682429 steveo
steveo's picture

Xray of Market Internals

Certainly supports theory of a big market move down

Here is the first market internal X-ray, taken with less than 1 mSievert exposure, and 5 seconds to digest.

Clearly, volatility has formed a bull flag, that means volatility likely to continue going up.   However, I wouldn't be the farm on this Xray alone.

At the bottom is Hawaii  Trading's custom Vix, we call it VOS (Volatility on Steroids).    It is a volatility ratio, which we think is harder to "game", in other words, more likely to nail the truth.

Sun, 09/18/2011 - 16:23 | 1682666 hognutz
hognutz's picture

It's staggering when it is laid out like that..........

Sun, 09/18/2011 - 16:30 | 1682693 jmcadg
jmcadg's picture

Interesting how France, Germany, UK and US are all on the hook for between 1.3 trillion and 900 billion.


Sun, 09/18/2011 - 16:33 | 1682705 jmcadg
jmcadg's picture

So if you add on UBS 1.5 trillion loss this quarter, how much more fucked are they?

Sun, 09/18/2011 - 17:01 | 1682808 jmcadg
jmcadg's picture

Ooops UBS 1.5 trillion loss, freudian slip!

Sun, 09/18/2011 - 17:09 | 1682832 Pacifico
Pacifico's picture

Makes me wonder who goes down first. Well, after Greece that is.

Portugal could be the coup de grace for Spain, Italy appears to be more fragile every day whereas France will be fucked either way. 

Anyway...gonna stock up more silver on Monday!

Sun, 09/18/2011 - 21:34 | 1683412 Chuck Walla
Chuck Walla's picture

BK in the UK!

Sun, 09/18/2011 - 22:33 | 1683543 FreedomGuy
FreedomGuy's picture

The problem is so big and interconnected that it is depressing. It!s a row of dominoes waiting to be tipped. As I look at the insanity it makes me think that all thes banks and central bankers believe their own BS and act on it. The also believe and act on the BS ratings that Moody's et al put out.

Circling the drain as I see it.

Mon, 09/19/2011 - 00:35 | 1683694 TBTF
TBTF's picture

Oh so many creditors out there.  Where are the debtors?

Tue, 09/20/2011 - 01:12 | 1687678 matrix2012
matrix2012's picture

And here's the standalone interactive version of Euro Zone - Bank Exposure by Country,
breakdown by debt type for selected countries:

Do NOT follow this link or you will be banned from the site!