## Section 1 and Section 2 ## Source details **Canonical URL:** [Section 1 and Section 2](https://www.imf.org/-/media/files/publications/fmu/0111a.pdf) ## Other formats - [Markdown version](/-/media/files/publications/fmu/0111a.pdf.md) - [Structured JSON version](/-/media/files/publications/fmu/0111a.pdf.json) --- ### Sovereign and Bank Risk Indicators - Figure 1 — Sovereign Credit Default Swap Spreads (In basis points), 2010. - Countries shown (order in legend): Greece; Ireland; Portugal; Spain; Italy; Belgium; France; United Kingdom; Japan; Germany; United States. - Monthly x-axis from Jan to Jan (covering 2010 into Jan). - Source: Bloomberg L.P. - Figure 2 — Ten-Year Government Bond Correlation with Average of Greece and Ireland (3-month correlation coefficient). - Vertical axis range shown: -0.4, -0.2, 0.0, 0.2, 0.4, 0.6, 0.8. - Two date markers: January 16, 2011; October 5, 2010. - Countries listed on vertical axis: Portugal; Spain; Italy; Belgium; France; Netherlands; Germany. - Sources: Bloomberg L.P.; and IMF staff calculations. - Figure 3 — Sovereign and Bank Credit Default Swap Spreads (Average change in local senior financial CDS (basis points) versus Change in sovereign CDS (basis points)). - Period: January 2010 to December 2010. - Data points not labeled are for Austria, Denmark, and Norway. - Includes trend line for 2010 and trend line for 2008. - Countries plotted include: Belgium; France; Germany; Greece; Ireland; Italy; Netherlands; Portugal; Spain; Sweden; United Kingdom. - Sources: Bloomberg L.P.; and IMF staff estimates. ### Funding Needs and Debt Maturities - Figure 4 — Government and Bank Bonds Due (In percent of GDP). - The first stacked bar for each country is for bonds that were due in 2007 and the second stacked bar is for bonds due in 2011. - The dataset only includes a subset of total bonds due and so does not reflect total funding needs. - The chart does not include interest payments. - Countries shown include: Japan; Portugal; Spain; Belgium; United Kingdom; France; Germany; United States; Ireland; Greece. - Legend categories: Bank; Government; Years compared: 2007, 2011. - Sources: Dealogic; IMF, World Economic Outlook database; and IMF staff calculations. ### Banking System Capital and Sectoral Debt Ratios - Figure 6 — Banking System Tier 1 Capital Ratios (In percent). - Vertical axis ticks shown: 6, 7, 8, 9, 10, 11, 12, 13, 14. - Two dates compared: December 2007; June 2010. - Countries/jurisdictions shown: Belgium; United States; Netherlands; Austria; Greece; France; Germany; United Kingdom; Spain; Italy; Ireland; Portugal. - Sources: EU Consolidated Banking Data; and Federal Deposit Insurance Corporation. - Figure 5 — Debt to GDP, by Sector (Government debt; Household debt; Corporate debt refers to non-financial corporate loans and bonds issued). - Time series range shown on x-axes: 2005, 2006, 2007, 2008, 2009, 2010. - Jurisdictions compared: Euro area; United States; United Kingdom. - Vertical axis scale shown (percent of GDP) with ticks up to 160. - Sources: Haver Analytics; and IMF staff calculations. ### Capital Flows and Mutual Fund Retail Flows - Figure 7 — Capital Flows to Emerging Markets (Net liabilities, percent of aggregate GDP, 4-quarter moving average). - Time span shown along x-axis: 1992 through 2008 (biennial tick labels: 1992, 1994, 1996, 1998, 2000, 2002, 2004, 2006, 2008). - Components plotted: Foreign direct investment; Portfolio investment; Other investment; Total. - Sources: IMF, International Financial Statistics; Haver Analytics; and IMF staff estimates. - Figure 8 — Annual Retail Flows to Emerging Market Debt and Equity Mutual Funds (In billions of U.S. dollars). - Time span shown along x-axis: 2002, 2004, 2006, 2008, 2010. - Panels for Debt (left) and Equities (right). - Series include: Local currency funds; Hard currency funds; Blended currency funds. - Sources: EPFR; and IMF staff estimates. ### Non-Financial Private Sector Debt - Figure 9 — Non-Financial Private Sector Debt to GDP (In percent). - Vertical axis range shown: 0, 50, 100, 150, 200 (percent). - Countries/regions shown with two bars per entity: Latest; Maximum (1996–2010). - Country examples listed: Chile; Brazil; Colombia; Peru; Mexico; UAE; Bulgaria; Hungary; South Africa; Poland; Saudi Arabia; Romania; Kazakhstan; Turkey; Russia; Egypt; Nigeria; Korea; Malaysia; China; Thailand; India; Philippines; Indonesia. - Regional labels: Latin America; Europe, Middle East and Africa; Asia. - Sources: BIS; IFS; and IMF staff calculations. ### Section 2 — Summary - Section 2 contains predominantly non-standard and non-decodable characters (e.g., sequences such as "M& 4343 ' " and many similar fragments), preventing extraction of coherent prose, findings, projections, or policy analysis. - No clear sentences, data tables, or intact paragraphs can be reliably parsed to identify substantive findings or quantitative results. ### Section 2 — Key implications - No extractable findings, projections, or policy recommendations could be identified from the available text of Section 2. - Any numeric fragments present in the raw text are embedded in non-decodable character sequences and cannot be validated or reported as meaningful figures. ### Section 2 — Recommended next steps for ingestion and indexing - Obtain a machine-readable (OCR-corrected or original text) version of Section 2 to enable extraction of substantive content. - If only the supplied file is available, run high-quality OCR with language and encoding settings tuned to preserve numeric fidelity and to recover intact sentences before attempting automated summarization or indexing. - After obtaining a clean text, re-run targeted extraction to capture: - substantive findings and quantitative results, - projections and scenarios, - policy recommendations and conditional actions. *Source: International Monetary Fund.* ### Section 1 ### Section 1 ### Sovereign and Bank Risk Indicators - Figure 1 — Sovereign Credit Default Swap Spreads (In basis points), 2010. - Countries shown (order in legend): Greece; Ireland; Portugal; Spain; Italy; Belgium; France; United Kingdom; Japan; Germany; United States. - Monthly x-axis from Jan to Jan (covering 2010 into Jan). - Source: Bloomberg L.P. - Figure 2 — Ten-Year Government Bond Correlation with Average of Greece and Ireland (3-month correlation coefficient). - Vertical axis range shown: -0.4, -0.2, 0.0, 0.2, 0.4, 0.6, 0.8. - Two date markers: January 16, 2011; October 5, 2010. - Countries listed on vertical axis: Portugal; Spain; Italy; Belgium; France; Netherlands; Germany. - Sources: Bloomberg L.P.; and IMF staff calculations. - Figure 3 — Sovereign and Bank Credit Default Swap Spreads (Average change in local senior financial CDS (basis points) versus Change in sovereign CDS (basis points)). - Period: January 2010 to December 2010. (Data points not labeled are for Austria, Denmark, and Norway.) - Includes trend line for 2010 and trend line for 2008. - Countries plotted include: Belgium; France; Germany; Greece; Ireland; Italy; Netherlands; Portugal; Spain; Sweden; United Kingdom. - Sources: Bloomberg L.P.; and IMF staff estimates. ### Funding Needs and Debt Maturities - Figure 4 — Government and Bank Bonds Due (In percent of GDP). - Note: The first stacked bar for each country is for bonds that were due in 2007 and the second stacked bar is for bonds due in 2011. - The dataset only includes a subset of total bonds due and so does not reflect total funding needs. The chart also does not include interest payments. - Countries shown include: Japan; Portugal; Spain; Belgium; United Kingdom; France; Germany; United States; Ireland; Greece. - Legend categories: Bank; Government; Years compared: 2007, 2011. - Sources: Dealogic; IMF, World Economic Outlook database; and IMF staff calculations. ### Banking System Capital and Sectoral Debt Ratios - Figure 6 — Banking System Tier 1 Capital Ratios (In percent). - Vertical axis ticks shown: 6, 7, 8, 9, 10, 11, 12, 13, 14. - Two dates compared: December 2007; June 2010. - Countries (or jurisdictions) shown on x-axis include: Belgium; United States; Netherlands; Austria; Greece; France; Germany; United Kingdom; Spain; Italy; Ireland; Portugal. - Sources: EU Consolidated Banking Data; and Federal Deposit Insurance Corporation. - Figure 5 — Debt to GDP, by Sector (Government debt; Household debt; Corporate debt refers to non-financial corporate loans and bonds issued). - Time series range shown on x-axes: 2005, 2006, 2007, 2008, 2009, 2010. - Jurisdictions compared: Euro area; United States; United Kingdom. - Vertical axis scale shown (percent of GDP) with ticks up to 160. - Sources: Haver Analytics; and IMF staff calculations. ### Capital Flows and Mutual Fund Retail Flows - Figure 7 — Capital Flows to Emerging Markets (Net liabilities, percent of aggregate GDP, 4-quarter moving average). - Time span shown along x-axis: 1992 through 2008 (biennial tick labels: 1992, 1994, 1996, 1998, 2000, 2002, 2004, 2006, 2008). - Components plotted: Foreign direct investment; Portfolio investment; Other investment; Total. - Sources: IMF, International Financial Statistics; Haver Analytics; and IMF staff estimates. - Figure 8 — Annual Retail Flows to Emerging Market Debt and Equity Mutual Funds (In billions of U.S. dollars). - Time span shown along x-axis: 2002, 2004, 2006, 2008, 2010. - Panels for Debt (left) and Equities (right). - Series include: Local currency funds; Hard currency funds; Blended currency funds. - Sources: EPFR; and IMF staff estimates. ### Non-Financial Private Sector Debt - Figure 9 — Non-Financial Private Sector Debt to GDP (In percent). - Vertical axis range shown: 0, 50, 100, 150, 200 (percent). - Countries/regions shown with two bars per entity: Latest; Maximum (1996–2010). - Country examples listed in legend ordering/window: Chile; Brazil; Colombia; Peru; Mexico; UAE; Bulgaria; Hungary; South Africa; Poland; Saudi Arabia; Romania; Kazakhstan; Turkey; Russia; Egypt; Nigeria; Korea; Malaysia; China; Thailand; India; Philippines; Indonesia. Regional labels: Latin America; Europe, Middle East and Africa; Asia. - Sources: BIS; IFS; and IMF staff calculations. _International Monetary Fund_ ### Section 2 ### Section 2 ### Summary - Section 2 contains predominantly non-standard and non-decodable characters (e.g., sequences such as "M& 4343 ' " and many similar fragments), preventing extraction of coherent prose, findings, projections, or policy analysis. - No clear sentences, data tables, or intact paragraphs can be reliably parsed to identify substantive findings or quantitative results. ### Key implications - No extractable findings, projections, or policy recommendations could be identified from the available text of Section 2. - Any numeric fragments present in the raw text are embedded in non-decodable character sequences and cannot be validated or reported as meaningful figures. ### Recommended next steps for ingestion and indexing - Obtain a machine-readable (OCR-corrected or original text) version of Section 2 to enable extraction of substantive content. - If only the supplied file is available, run high-quality OCR with language and encoding settings tuned to preserve numeric fidelity and to recover intact sentences before attempting automated summarization or indexing. - After obtaining a clean text, re-run targeted extraction to capture: - substantive findings and quantitative results, - projections and scenarios, - policy recommendations and conditional actions. --- _Source: https://www.imf.org/-/media/files/publications/fmu/0111a.pdf_