Originally posted on Socio-Economics History Blog:
Spain Now Faces a Systemic, Societal, and Sovereign Collapse!
by Graham Summers, http://gainspainscapital.com/
Spain’s financial system is at truly apocalyptic levels.
If you’ve been reading me for some time, you know that Spain has already experienced a bank run equal to 18% of total deposits this year alone (another story the mainstream media is avoiding). However, what you likely don’t know is that an on annualized basis, Spain has experienced portfolio and investment outflows GREATER THAN 50% OF ITS GDP.
To give this number some context, Indonesia only saw outflows equal to 23% of its GDP during the Asian Financial Crisis. Spain is experiencing more than DOUBLE this.
I’ve long averred that Spain will be the straw to break the EU’s back. By the look of things this is not far off. The country’s regional bailout fund has only less than €1 billion in funding left…
View original 116 more words