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Spanish cash flight not going under mattresses ... yet

Friday, June 01, 2012 - 04:01

June 1 - A record €66.2 billion flew out of Spain in March, a figure that is likely to rise in coming months. Where's the cash going? Not under Spanish mattresses ... not yet anyway.

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66 point two billion euros that's that amounts of cash that flew to Spain and -- the most since records began in 1990. And it's not just photo and investors pulling their money out spying ends -- also stressing them money abroad and that was before the mass migration of buying -- Joining us mother Sylvia open and so he's you know as an economist. BX. So -- for joining us money is flying Spain where's it going. I says have very very very interesting question I think has there he's have book based concern about. Basically. At what he's going to be future of the region nine. Investors and the policies that senator is trying to find. Have let's say as safer. Way through to us though there there cache hits in the most likely. Institutions to benefit those that are of these. How broad that policies have probably I would take Cora and European that have banks that have what you would expect there that we received. Basically it is money that he's moving out though. Are -- Spain I don't think it's outside the US on of the statement I -- -- where I've been on the element that Johnson that's my birthday -- -- her explanation for that. Okay enough of six foreign investors could put the money back home rich people in Spain can you know invest in say London property. But for most audience how were they doing this holiday taking them on the -- and. I that I think that this is a very generic and teacher that he can see you know -- circumstances where we need stereo with the AA a situation where you start to hear what he's -- that deregulation means you're right that we choose we'll probably. Investors aren't easy -- the day idea that may be an every series had this kind Nat. I would be post. That he did you resolve something like that mean for me started really -- tonight about I think holding cash outside the bank since the first that. And Spaniards are probably moving in that direction. Do you think -- say. Come respectfully that a law of this -- is that going under mattresses. I went down that we can speculate divided about how the thing that that's that that's that there is a very important to you fear right which I think we need to understand very wise that spending is going. And through a period of very weak economy that dvd contraction on they genuinely. As a phenomenal that he set that justifies -- and -- -- The policy right because you know there is that less than he did -- what I jobless that -- throwing on the face trying to bring down there expenditure I don't think that phenomenon creature. And as we say such a large scale network where we should be as yet that were raised about -- -- skate around on this planet -- to -- about these indications are very worrying and that's the reason why the CB. Act and that the European team -- last talking to these gas a pan European the policy guarantee schemes so it's a very pulled pence as sign that there -- -- Looming gave this situation that now that have you guys but I don't think the numbers dot sewed them I think the bat that the state OK okay another. That's six to six point two billion was Hamas -- -- -- -- two months since then -- so we can expect more of the same. You mentioned -- European deposit guarantees you. Finally how quickly can not be implementing. And in order to stop this well I think that was here that needs to have. A this -- throughout the -- had -- faith do you ropes so I would -- fact that there yes we can see something. Taking shape it's probably -- the use some -- that we take place at the end though about them out of this month basically say to -- story the air -- that we could see that Matthew and I think it. Okay so they'll thank you very much and have a great weekend bank assets -- my thanks that's -- so we'll put it so I asked RBS I'm Jamie give up this is Reuters.

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Spanish cash flight not going under mattresses ... yet

Friday, June 01, 2012 - 04:01