Behind the curtains, some common sense still short of the needed reforms to address the core of the EU problem :

1. "Berlin’s current exposure to Greece, Ireland, Portugal, Spain and Italy stands at some €704bn, the Munich’s Ifo institute calculates. Under half this sum resides in “firewalls” – the bailout funds assembled to ward off market panic about southern European debt. As a result of the steady flow of bank deposits from these periphery countries to safer banking systems such as Germany’s, the Bundesbank is owed a further €349bn through the European Central Bank’s “Target 2” system, which rectifies eurozone payments imbalances by making loans to affected national central banks. The flow of foreign funds into Germany and lower levels of cross-border lending have seen the overall exposure of Germany’s central bank to eurozone peers leap to €699bn.“A total break-up of the Eurozone would be very costly for Germany,” says Carsten Brzeski, an economist at ING in Brussels, one of the few institutions to try to quantify what a euro-area break up would actually cost its 17 member states."

More down below

http://www.ft.com/cms/s/0/2f88bda4-c06f-11e1-9372-00144feabdc0.html#ixzz1zBaw9nfC

Deutsche Bank had a total of €29.1 billion in exposure to Spain at the end of March, including €6.4 billion in exposure to financial institutions such as loans to banks.

More down below http://online.wsj.com/article/SB10001424052702303649504577492882666014186.html?mod=WSJEurope_hpp_LEFTTopStories

Analyzing Bank exposure

http://seekingalpha.com/article/499111-analyzing-bank-exposure-to-the-piigs