The top ten eurozone banks with the most to lose from a sovereign default in Portugal, Italy, Ireland, Greece or Spain

Euro notes

The top ten European banks most exposed to debt from the troubled PIIGS economies (Portugal, Italy, Ireland, Greece and Spain) are from France, Germany, Italy and Spain.

Spanish banks Intesa San Paolo and BBVA hold the most debt from the PIIGS, with €84bn and €83bn of exposure respectively. PIIGS are in the frontline of the European debt crisis, with fears escalating that one or more of them could default any day.

This exposure raises risks that projects in the pipeline, having been promised funding from the most exposed European banks, could be delayed or cancelled, with  consequences for suppliers and contractors, said Exclusive Analysis.

Writing in the first edition of Foresight Quarterly Exclusive Analysis added: “There are likely to be opportunities for less exposed, non-eurozone banks with lending capacity to provide  alternative sources of funding.”

In a separate forecast Exclusive Analysis predicted a high likelihood of a sovereign default by Greece, Italy and possibly more eurozone governments.

Source: Exclusive Analysis

BankCountryExposure to PIIGS (euro millions)
BnP ParibasFrance55,827
Société GeneraleFrance26,774
Crédit AgricoleFrance22,819
Intesa San PaoloItaly84,648