Vote of No Confidence: Deutsche Bank Dumps 70% of Spain, Portugal, Ireland, Greece, Italy Debt

Courtesy of Google Translation, El Pais reports Deutsche Bank reduces its exposure to 70% Spanish debt and other peripherals

The German bank Deutsche Bank has reduced by 70% exposure to debt issued by countries of the periphery of the euro as Spain, Portugal, Ireland, Greece and Italy in the first six months of the year to 3.669 million euros, according reported by the entity. In particular, Germany's biggest bank by assets reported June 30 that its net exposure to the Spanish sovereign debt was 1,070 million euros, 53% less than at the end of 2010, while 87.5% cut their Italian debt exposure, which stood at 996 million.

The chairman of Deutsche Bank, Josef Ackermann, has noted that between April and June there was a worsening business conditions to increasing concerns over the sovereign debt of Greece and other eurozone countries, and for recovery the whole economy. "As a result, during the quarter we see more volatility [in] global financial markets, as well as a withdrawal from riskier assets, including the sovereign debt of some countries in the euro area," said Ackermann.

Vote of No Confidence

Here is the original link in Spanish: Deutsche Bank reduce un 70% su exposición a la deuda española y del resto de periféricos

Deutsche Bank is clearly voting with its feet on PIIGS debt.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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