Credit Suisse cites Hungary as one of the most vulnerable countries to deflation because its net foreign liabilities are 123% of GDP.
Portugal, Greece and (to a lesser extent) Spain still have big current-account deficits, and so are still adding to their already high foreign liabilities.
But it is strange that the OECD is so uninterested in the lessons from Iceland's decision to call time on a chunk of its foreign liabilities, and put a financial wall around its economy to stop investors getting out.
This will hit emerging economies, which will struggle to service foreign currency debt liabilities.
Its foreign assets and liabilities add up to over 60% of GDP.
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As a result, its liabilities to foreign investors exceeded the assets that its residents own abroad by 92% of GDP last year, among the highest in the euro area.
The foreign banks that cluster there account for over half of all banking liabilities in Britain and two-thirds of those in foreign currencies.
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On the non-operating side, the rapid depreciation of the Korean won against the US dollar in September resulted in foreign exchange-related losses of around 420 billion won due to translation of foreign currency- denominated assets and liabilities.
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The other is the accidental expat someone who goes on so many business trips or temporary assignments that he inadvertently incurs new fiscal liabilities or overstays his welcome as a foreign worker.
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By contrast, Iceland's own banks accounted for all its banking liabilities, and most of these were in foreign currency.
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Unless it offset its Treasury liabilities to the rest of the world by acquiring foreign assets, it would find itself ever deeper in debt to foreigners.
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Problems may be worse for smaller companies and the subsidiaries of foreign firms, where pension funds usually have a lower ratio of assets to liabilities, says Stephen Yeo of Watson Wyatt.
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The foreign debts represent only 6% of total bank assets and the effect on these liabilities is mitigated by the dollar assets banks create with this funding through export-credit financing.
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