The latest report from the Bank for International Settlements (BIS) shows that international banks cut lending to Italian, Spanish, and French banks, while loading up on German, Japanese, and US debt.
According to the BIS, banks cut lending to Italy by -23%, to France by -21%, and to Spain by -10%. German bunds took in $65.3 billion and US Treasuries raked in $77.2 billion. The BIS keeps data on 30 countries, not including China which is the largest foreign holder of US debt.
France shed the most Italian sovereign debt but also cut holdings in German and Italian bank debt. The French increased their holdings of US debt by 39%, or $41.3 billion.
US banks increased its holdings of German sovereign debt by 72%, or $42.6 billion, at the same time that the banks cut French holdings by about -25%.
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