Joined Nov 11, 2007
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Bank Runs in Spain are Now Worse Than the Asian Contagion

“As fear that the euro will unravel rises, Spaniards are pulling their cash out of banks and leaving the country, according to The New York Times.

One of the most worrisome trends is that the educated and entrepreneurial professionals have started withdrawing their money.

“No doubt there is a little bit of panic,” Jose Garcia Montalvo, an economist in Barcelona told The Times. “The wealthy people have already taken their money out. Now it’s the professionals and midrange people who are moving their money to Germany and London. The mood is very, very bad.”

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