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That compares with a 23% outflow from Indonesia, the country hardest hit by capital flight during the Asian crisis in 1997 and 1998

Foreigners and Spaniards alike have contributed to the outflow. During the second quarter of this year, sales of Spanish securities by foreigners equaled 19.4% of the Spanish economy, while foreigners’ withdrawals from Spanish banks accounted for another 15.3%.

apital flight seems to be accelerating. Spanish bank deposits by companies and households shrank €74.2 billion (93.4 billion dollars) during July, according to the European Central Bank.

The Federal Reserve, preparing to embark on its latest round of so-called stress tests, released the details Friday of three economic scenarios it will use to judge the health of the U.S.'s largest lenders.

5% decline in gross domestic product, an unemployment rate of 12% and a volatile stock market which loses half its value.

The stress tests are mandated by Dodd-Frank, the financial reform law written in the wake of the 2008 financial crisis that brought down Bear Stearns and Lehman Brothers.