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|User Info||Your Daily Spain Update. SAVED or not SAVED?; entered at 2012-05-31 11:20:50|
Registered: 2008-02-09 Oakland-Proudly
Capital flight from Spain hits record $66bn
Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday, and the credit ratings of eight regions were cut.
Spain is the next country in the firing line of the euro zone's debt crisis, with spendthrift regions and shaky banks threatening to blow a hole in state finances and pushing funding costs towards levels that signal the need for a bailout.
Bank of Spain data showed a net €66.2bn (£55.2bn) was sent abroad last month, the most since records began in 1990. The figure compares to a €5.4bn net entry of funds during the same month one year ago.