g the bag of defaulted Greek paper and distressed Spanish and Portuguese debt. 10 Largest Foreign Claims of Reporting Banks to PIIGS Countries (in S bns) te • "> 4 t•b 1.000 8C0 6C0 4C0 200 c P e te. cit ate te, ,st Ponugal Ireland -Italy MB Greece Spain —.—Total (RHS) Source: BIS