Epstein Secrets

uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings

1/ % of Total Possible 2/ C8 Portfolio CB Reserves 3/ Top-8 All EUR Total 11,321 100% 1,550 3,000 GER 1,508 13.3% 35.0% 543 1,050 PIIGS Total 3,909 34.5% 30.0% 465 900 POR 182 1.6% 1.4% 22 42 IRE 135 1.2% 1.0% 16 31 ITA 2,567 22.7% 19.7% 305 591 GRE 428 3.8% 3.3%

uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings

1/ % of Total Possible 2/ C8 Portfolio CB Reserves 3/ Top-8 All EUR Total 11,321 100% 1,550 3,000 GER 1,508 13.3% 35.0% 543 1,050 PIIGS Total 3,909 34.5% 30.0% 465 900 POR 182 1.6% 1.4% 22 42 IRE 135 1.2% 1.0% 16 31 ITA 2,567 22.7% 19.7% 305 591 GRE 428 3.8% 3.3%

uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings

t 1/ % of Total Possible 2/ CB Portfolio CB Reserves 3/ Top-8 All EUR Total 11,321 100% 1,550 3,000 GER 1,508 13.3% 35.0% 543 1,050 PIIGS Total 3,909 34.5% 30.0% 465 900 POR 182 1.6% 1.4% 22 42 IRE 135 1.2% 1.0% 16 31 ITA 2,567 22.7% 19.7% 305 591 GRE 428 3.8% 3.3%