Airbus is more at risk than Boeing if the European debt crisis escalates, says a new analysis by Morgan Stanley. European customers account for 22% of Airbus’s backlog, compared with just 16% for Boeing. The good news is much of that backlog comes from nations that are at lower risk of fiscal contagion, such as Germany and the U.K. A sustained weakness in the euro also could enable Airbus to become more aggressive in pricing when competing with Boeing.

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