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Deposit flight from Spanish banks hits 15-year high as bailout rumours grow
Source: The Guardian
Spanish banks lost €1 out of every €20 deposited with them in July, making it the worst month for deposit flight in 15 years as rumours grew that the country is edging closer to a full bailout.
News that banks were losing deposits came as Spain's statistics institute revealed the current recession is worse than thought, with the economy shrinking at an annual rate of 1.3% in the second quarter.
Read more: http://www.guardian.co.uk/business/2012/aug/28/deposit-flight-spanish-banks-bailout
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