CAPITAL flight may sound like the name of a new budget airline – in fact, it is what happens when a country loses trust in itself.
In the first three months of the year, Spaniards exported €100 billion to London, Frankfurt, Paris – anywhere: the biggest flight of funds since records began. Citizens, firms and banks are hedging against the likelihood that Spain will depart the eurozone, crushed by the burden of its sovereign debts. The respected former Spanish premier Felipe Gonzales said last week that "Spain is in a situation of total emergency, the worst crisis we have ever lived through".
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