The gross size represents total foreign currency liabilities of banks in major financial centres.

In 2002, Moody's rating agency confirmed a Caa1rating based on the region's long-term foreign currency liabilities.

As of 2007 only two countries had more foreign currency liabilities in Europe: Latvia and Croatia.

However, whereas in 1976 foreign currency liabilities were roughly twice as large as sterling liabilities, in 1992 they were only 1.2 times greater.

What "got markets very nervous" about Russia, he said, was the Government's declaration, effectively, of a unilateral moratorium on paying both foreign and domestic bonds and its further moratorium on the foreign currency liabilities of Russian companies.