News Column

Capital Flight From Spain Picks up Speed

Nov. 30, 2012

Capital flight from crisis-hit Spain has accelerated this year, reaching 216 billion euros (281 billion dollars) from January to September, the Bank of Spain said Friday.

Only 8 billion euros in bank deposits, credits and investments had flown out of Spain in the corresponding period in 2011.

However, the situation improved slightly in September 2012, when 31 billion euros entered the country. Those were the first net capital inflows since July 2011.

Analysts attributed the growing confidence to an announcement by the European Central Bank that it was willing to buy bonds of financially troubled southern European countries.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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