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On a side note, I want to point out that we’re completely ignoring the fact that if Greece defaults so will Italy and Spain whose sovereign debt and financial institutions Deutsche Bank has 14.8 BILLION EUROS worth exposure to: an amount equal 23% of Deutsche Bank’s TOTAL EQUITY.But let’s just focus on Deutsche Bank’s exposure to Greece for now.which means it’s wiped out 21% of its entire equity…which pushes its leverage levels through the roof and most likely renders it totally insolvent (there is no way Greece is the only toxic junk this bank owns).Mind you, I’m just doing back of the envelope analysis here.But based on this brief analysis right off the bat we know the following: 1) The Bank of International Settlements is either datablog (which obtains all of its data from publicly accessible records) somehow comes up with numbers that are dramatically different (and higher) from those published by the Bank of International Settlements. Deutsche Bank trades on US stock exchanges and so has to publish SEC filings on its balance sheet risk.According to its Third Quarter 2011 filing, aside from the 881 million Euros’ worth of exposure to Greek sovereign debt, Deutsche Bank also has 665 million Euros’ worth of exposure to Greek financial institutions, and a whopping 1.3 BILLION Euros’ worth of exposure to Greek corporates (plus a negligible 8 million Euros’ worth of exposure to Greek retails) for a total of 2.8 BILLION Euros’ worth of exposure to Greek debt and businesses. having taken our analysis one step further, we find that one single German bank, one of the alleged strongest I might add, has in fact, far, far more exposure to Greece and its economy than both the Bank of International Settlements the mainstream financial press indicates.
Regardless, let’s fast forward to Deutsche Bank’s Third Quarter 2011 filing (its most recent) for some more recent data.This time around, the term “Greece” shows up six times in the 100-page report.And this time around Deutsche Bank states it has 881 million Euros’ worth of exposure to Greek sovereign debt (TWO TIMES what claimed).Let’s consider the PIIGS’ exposure of German powerhouse Deutsche Bank (DB) widely considered to be one of the strongest banks in the EU.According to the Bank of International Settlements German bank exposure to Greece is only .9 billion (though they state this is only on an immediate borrower basis).