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In what is the clearest expression of the size of the European debt problem right now, Birinyi Associates have put together a display of U.S. private sector bailout debt compared to the problems of Greece, Ireland, and Spain.

Spain is the only serious problem of the three, and explains why its condition is of special interest to markets right now.

From Birinyi Associates:

Click here to see a larger, more detailed version of the chart:

click to enlarge

Birinyi Chart

Disclosure: No positions

Source: Compared to U.S. Bailout, Euro Bailout Is Nothing