Record Deposit Outflows As Spain Bank Run Accelerates

Spain-Bank-Deposit-Run-Accelerates-Hitting-New-Highs

Deposit outflows from Spain banks accelerated to new highs in July forcing banks to turn to record usage of government prop funds.

Up until now, the title of “Spain’s scariest chart” belonged to one depicting its youth (and general) unemployment, both of which are so off the charts it is not even funny (especially to those millions of Spaniards who are currently unemployed). As of today we have a contender for joint ownership of said title – Spain’s monthly deposit outflows, which in July hit the highest amount ever, and where the YTD deposit outflow is now the highest on record. One look at the chart below confirms that nobody in Spain got the June 29 Euro summit memo that “Europe is fixed”…
Spain GS 3_0
And some other ugly charts confirming memo non-receipt.

Spain GS 4_0

Spain GS 2_0

Spain GS 1_0

Categories: ECONOMY

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