Debt Crisis: What's Happening In Europe?

Law360, New York (August 16, 2011, 1:23 PM EDT) -- A number of financial measures have recently been implemented by institutions and member states of the European Union to address the current sovereign debt crisis affecting the countries known collectively as the “European periphery” — Portugal, Ireland, Italy, Greece and Spain.

Although U.S. ownership of the European periphery’s sovereign debt is relatively small, roughly $18 billion, the indirect exposure of U.S. institutions to the EU sovereign debt crisis is in fact significantly larger than it first appears.

U.S. ownership of securities in the European periphery’s private...
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