It is, though, a good way of reaching the fishermen, stall-holders and others who need small business loans.

ECONOMIST: Microcredit and disasters

We point to figures that show in Italy and Spain the proportion of Non-Resident holders of debt is small, Italy 37.5% and Spain 32.9% (Source: ECB).

FORBES: Madrid's Mighty Monetary Mess

In some countries bank failures caused losses to note-holders, but the losses were small compared with those inflicted by the central banks that later took over note issuance.

FORBES: Magazine Article

He drummed up private sector financial support to buy orange trees and in 2002 he launched the Winterveldt Citrus Project, a community initiative which enables small holders to make a living and become self-sufficient by training them how to work the land.

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And small patent holders don't like the idea of the "first-to-file" system.

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The number of small savers involved makes it different to bailed-out Ireland, where subordinated debt holders took losses of up to 80%.

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