Not accounted for in these sovereign debt numbers is the banks' exposure to off-balance-sheet items, equities and commercial and residential loans in PIIGS countries.

FORBES: International Investing

"Even with all the transparency in the world you have to be a genius to understand these statements, " referring to the near-impenetrable description of derivative contracts and other off-balance-sheet items included in the financial reports and footnotes filed by the banks and investment banks.

FORBES: Regulate All That Leverage