Last week’s bailout for Ireland did little to ease concerns about the troubled euro-zone periphery. At least the UK banking sector’s exposure to the so-called “PIIGS” – Portugal, Ireland, Italy, Greece and Spain – is a relatively modest 5% or so of total bank assets. But Irish and Spanish banks play a relatively big role in providing credit to the UK. And some 14% of the UK’s exports go the PIIGS.
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