19 July 2015 Why Citi is wrong about Cyprus’ Grexit exposure

On July 9, the Senior Editor of the financial and economic desk at Die Welt, Holger Schaepitz, tweeted a chart from Citi bank saying that “highly exposed” Cyprus was most exposed to Grexit. The chart showed exports of goods and services from Cyprus amounting to a scary-looking 5.9% of GDP in 2013.

I have not been able to locate the original report but Schaepitz is pretty reliable, so one can assume that the “most exposed” assessment came from Citi.
But there are a few things wrong with this judgement.