This table from BT shows how important the EU economies are to S’pore. (NODX- Non oil domestic exports)
Err here’s hoping SPH not upset with me. Remember SPH, it’s Christmas.
And why Asia needs European banks: they were big US$ lenders to Asian banks. http://www.breakingviews.com/asian-banks-cant-fill-gap-as-europeans-retreat/1620073.article