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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.