It’s not a coincidence that Spain and Italy are the biggest debtors in TARGET2 and the most politically unstable. Both have increased their debts with Germany and other countries: Spain from 189.9 billion euros to 319.7 billion. Italy from 188.6 billion to 353.9 billion. Not insignificant amounts.
ECB’s target 2
Miguel Navascués | Take a look at the outstanding balances in the ECB’s TARGET2 payments system, which maintains an up-to-date record of the debts and loans each country has with the other. As can be seen from the table below and the subsequent graphics, Italy, where the banks have 360 billion euros of doubtful loans, as well as Spain, have again begun to show signs of weakness.