sentences:  Moreover, he pointed out that if these countries should exit the Eurozone and declare insolvency, Germany's liability risk would amount to 33% of that sum, or €114 billion, relating these sums to the other rescue facilities of euro countries and the International Monetary Fund.Before he made them public, TARGET deficits or surpluses were not explicitly itemised, usually being found buried in obscure positions of central bank balance sheets.Shortly thereafter, Sinn interpreted the TARGET balances for the first time within the context of current account deficits, international private capital movements and the international shifting of the refinancing credit that the national central banks of the Eurosystem grant to the commercial banks in their jurisdiction.