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Money flies out of Spain

Spaniards alarmed by the dire state of their banks are sending money abroad at the fastest rate since records began in 1990.

The Bank of Spain says 66.2 billion euros left the country in March.

By contrast, in the same month last year 5.4 billion euros came into the country.

Spaniards - worried about the health of their banks, hit by their exposure to a 2008 property crash - have been sending money to deposit accounts in stronger economies of northern Europe.

Spain's Economy Minister Luis de Guindos however said that reflects the banking sector's problems in finding external funding rather than deposits flying overseas.

De Guindos also said that the future of the euro would be at stake in the next few weeks in Spain and Italy, adding that the rumours that Spain was negotiating financial assistance with the International Monetary Fund were "complete nons

Added: Jun-2-2012 Occurred On: Jun-2-2012
Regional News
Tags: spain, bank, money, overseas, economy, eurozone, crisis
Location: Spain (load item map)
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