Deutsche Bank says exposed to 4 bln euros in debt-ridden nations

27th May 2010, Comments 0 comments

Deutsche Bank said Thursday it has nearly four billion euros in exposure to government bonds and loans from Greece, Ireland and Italy, three countries struggling to get their finances in order.

The biggest German bank had exposure of 3.2 billion euros (4.0 billion dollars) to Italian bonds and loan, chief executive Josef Ackermann told shareholders at the group's annual general assembly in Frankurt.

It also had exposure of 500 billion euros to Greek government bonds and loans and another 200 million to such investments in Ireland while it had no exposure to Spain and Portugal.

Financial market fears of a European debt crisis have focused on the five countries because of their high deficits, debts or both, which has triggered an unprecedented crisis for the 11-year-old eurozone.

According to figures from the Bank for International Settlements at the end of April, German banks had exposure at the end of last year of 45 billion dollars to Greece, 47.5 to Portugal and 237 billion dollars to Spain.

-- With Dow Jones Newswires --

© 2010 AFP

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