According to data from the Bank of International Settlements (BIS), it is exposure to the private sector that may cause Spain's foreign creditors the biggest problem. BIS third-quarter 2010 data reveal that exposure to non-bank, private sector companies in Spain amounts to $405.3bn, versus public sector debt exposure of $123bn.
![Foreign exposure to Spain Foreign exposure to Spain](https://www.ft.com/__origami/service/image/v2/images/raw/https://www.thebanker.com/var/ezflow_site/storage/images/media/images/foreign-exposure-to-spain2/1266947-1-eng-GB/Foreign-exposure-to-Spain.jpg?source=specialist-tb-article&width=550&height=287)
Germany is Spain's biggest creditor, with a total exposure of $242.3bn. However, France is not far behind, with a total exposure of $224.7bn. The US is owed $187.6bn, and the UK $152.5bn.
![Foreign exposure to PIGS Foreign exposure to PIGS](https://www.ft.com/__origami/service/image/v2/images/raw/https://www.thebanker.com/var/ezflow_site/storage/images/media/images/foreign-exposure-to-pigs/1265567-1-eng-GB/Foreign-exposure-to-PIGS.jpg?source=specialist-tb-article&width=550&height=301)
In terms of European peripheral economies, Germany is also the biggest creditor but by a larger margin, with a total exposure of $568.7bn, versus $440bn and $430bn for France and the UK, respectively. Interestingly, 68% of the US's exposure to peripheral eurozone economies (a total of almost $392bn) relates to ‘other exposures’, which include positive market values of derivatives contracts, guarantees extended and credit commitments.