. Morgan Ve7O gf TOG 188 TO 1D ZO aT Securities LLC, J.P. Morgan Private Bank. Periphery =Portugal, Ireland, lialy, Source: J.P. Morgan Private Bank, Bankof Spain, Bankof Portugal, OECD, Greece, Spain. CSO, M55, Bundesbank The third concern: Germany as paymaster. We are often told that Germans across both majo

eripheral rates weighted by population 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 1970 1980 1985 1990 1995 2000 2005 2010 Source: J.P. Morgan Private Bank, Bankof Spain, Bank of Portugal, OECD, CSO, NSS, Bundesbank. Greece, Ireland, Spain & Portugal Germany 1975 3 HOUSE_OVERSIGHT_025223 --- PAGE BREAK --- Eye