Zero Hedge ahead of the MSM as usual
More support for The Slog’s insistence that a run on the banks has started in Spain, despite the Berlin/Frankfurt/Rome/Reality impasse refusing to pass. Zey shall not passss. Zat iss an oder, sorry, order. Sorry.
Full credit for this one to Mark J Grant over at ZH yesterday evening:
‘During the month of June alone $70.90 billion left the Spanish banks and in July it was worse at $92.88 billion which is 4.7% of total bank deposits in Spain. For the first seven months of the year the outflow adds up to $368.80 billion or 17.7% of the total bank deposits of Spain and the trajectory of the outflow is increasing dramatically. Reality is reality and Spain is experiencing a full-fledged run on its banks whether anyone in Europe wants to admit it or not.’
Fine man. Hat-tip to another fine man, Butch in the US, for drawing this to my increasingly wandering attention.
I say again: by all means monitor the bonds, but the major game in town is liquidity constipation.