Flight Capital from Spain Already Equals 25% of GDP
August 4, 2012 • 11:57AM

As reported by the left-wing German website Telepolis yesterday, capital flight from Spain is accelerating: 41.3 billion euros fled from the country's banks in May alone—EU10 billion more than in April. In the first five months of 2012, a record EU163 billion left the country, altogether; during the first five months of 2011, a net inflow of EU14.6 billion was still reported, however. The capital drain has been continuing for 11 months now, with altogether EU260 billion leaving Spain—which equals 25% of the country's GDP.

The figures are from a report of the Spanish central bank.