The fact that the PIIGS are most dependent on oil imports among EU nations is interesting. I went back and looked at my old diary Where will Peak Oil hurt the most? by Migeru (May 27th, 2008) to see where the PIIGS featured in that discussion and I found the following:

We see one country from the Horn of Africa, a number of countries from the EU15 (Italy and Germany are not far below that dotted line), the USA, and again Belarus and Tayikistan.

This means that the only PIIGS country that didn't appear among the most vulnerable was Portugal.

Looking at currency reserves was not the right thing to do, as was discussed in that diary's comments and further clarified here. But still, it is interesting that the PIIGS did show up among the most vulnerable countries in my exploratory analysis.

The brainless should not be in banking -- Willem Buiter