The world's banks have exposures of $2.5 trillion to Portugal, Ireland, Greece, and Spain, according to the latest report from the Bank for International Settlements (via Ambrose Evans-Pritchard).
Those exposures include everything, from derivatives, to other credit products, to more typical investments.
The country with the biggest exposures in Europe: Germany, with $569 billion in exposure.
That exposure will likely continue to play into how Germany's government deals with the situation in the region, and will likely weigh on the government's willingness to let any euro member default.
Don't miss: The 14 countries more likely to default than Spain >
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