23/10/2014 21:10
RIA Novosti

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Spain Loses 296 Bln Euro Capital Flight Over Year – IMF

Topic: Global financial crisis

International Monetary Fund
14:10 10/10/2012
MADRID, October 10 (RIA Novosti)
Tags: GDP, International Monetary Fund, Spain

Capital flight from Spain reached a whopping 296 billion euros or 27 percent of the country’s GDP from June 2011 to June 2012, the IMF said on Wednesday.

Investors fear the eurozone sovereign debt crisis may escalate and are withdrawing funds from recession-hit peripheral countries, despite the Spanish government’s efforts to cut the budget deficit and carry out structural reforms.

The IMF predicts Spain’s budget deficit will reach 5.7 percent of the country’s GDP next year, above the planned level of 4.5 percent.

The IMF also estimates Spanish GDP will fall by 1.3 percent next year. Spanish economists are more pessimistic and think GDP could plunge 3.2 percent in 2013.

 

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RIA NovostiInternational Monetary FundSpain Loses 296 Bln Euro Capital Flight Over Year – IMF

14:10 10/10/2012 Capital flight from Spain reached a whopping 296 billion euros or 27 percent of the country’s GDP from June 2011 to June 2012, the IMF said on Wednesday.>>

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