Panic cash withdrawals in Spain drain banks; Greece-style economic implosion now imminent

Monday, September 24, 2012 by: Ethan A. Huff, staff writer
Tags: Spain, bank runs, economic collapse

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
BACK INTO THE CLOSET: Why U.S. reporters are not allowed to write about rainbow events in nations where being gay is still condemned
Depopulation test run? 75% of children who received vaccines in Mexican town now dead or hospitalized
A family destroyed: Six-month-old dies after clinic injects baby with 13 vaccines at once without mother's informed consent
INVESTIGATION: Three days before Dr. Bradstreet was found dead in a river, U.S. govt. agents raided his research facility to seize a breakthrough cancer treatment called GcMAF
BAM! Chipotle goes 100% non-GMO; flatly rejecting the biotech industry and its toxic food ingredients
BOMBSHELL: China and America already at war: Tianjin explosion carried out by Pentagon space weapon in retaliation for Yuan currency devaluation... Military helicopters now patrolling Beijing
ECONOMIC SLAVERY FOR ALL: While we were distracted with the Confederate flag flap, Congress quietly forfeited our entire economic future via fast-track trade authority
March Against Monsanto explodes globally... World citizens stage massive protests across 38 countries, 428 cities... mainstream media pretends it never happened
GMO crops totally banned in Russia... powerful nation blocks Monsanto's agricultural imperialism and mass poisoning of the population
SCOTUS same-sex marriage decision may have just legalized the concealed carry of loaded firearms across all 50 states, nullifying gun laws everywhere
Nearly every mass shooting in the last 20 years shares one surprising thing? and it's not guns
Vicious attack on Dr. Oz actually waged by biotech mafia; plot to destroy Oz launched after episode on glyphosate toxicity went viral
Holistic cancer treatment pioneer Dr. Nicholas Gonzalez dies suddenly; patients mourn the loss of a compassionate, innovative doctor who helped thousands heal from cancer
Pepsi drops aspartame from diet soda as consumers reject toxic sweetener
Bride of Frankenfood: Hillary Clinton pushes GMO agenda... hires Monsanto lobbyist... takes huge dollars from Monsanto
STATINS RED ALERT: Widely prescribed drugs act as cellular poisons that accelerate aging... deactivate DNA repair... promote diabetes, muscle fatigue and memory loss
Mind control through emotional domination: How we're all being manipulated by the "crisis of the NOW"
Wild eyes and bowl cuts: Why do mass shooters always share the same hair styles and crazed zombie stares?
(NaturalNews) Spain appears poised to become the next Greece in the ongoing European Union (EU) implosion, as Spaniards are withdrawing record amounts of funds from Spanish banks to avoid a potential insolvency situation. According to the New York Times (NYT), the equivalent of $94 billion was withdrawn from Spanish banks in July, an amount that equals seven percent of the country's overall economic output.

Though stronger overall compared to Greece in terms of economic diversity and debt levels, Spain is undeniably on a downward economic spiral that is sending many of its people and their money to other countries like England, Germany, and Singapore, where economic conditions are much more favorable. Just like in Greece, there is a growing fear among Spaniards that their nation could revert from the euro to its former currency, pesetas, which would greatly devalue their personal wealth.

"The macro situation in Spain is getting worse and worse," said Julio Vildosola to the NYT. Vildosola, a former senior executive at a large multinational company, recently moved all his money -- and is now in the process of moving his entire family -- to a small village near Cambridge, England. "There is just too much risk. Spain is going to be next after Greece, and I just don't want to end up holding devalued pesetas."

Spaniards pulling out their cash en masse

Vildosola's opinion is shared by many others in Spain who are also moving their funds and families elsewhere in anticipation of an eventual collapse. Despite all the empty promises being made by EU officials, including a commitment to inject 100 billion euros into the Spanish banking system, the Spanish people, including many from the country's upper echelons, have lost faith in their country's ability to stay afloat in the long term.

"The wealthy people have already taken their money out," says Spanish economist Jose Garcia Montalvo about the ongoing capital flight. "Now it's the professionals and mid-range people who are moving their money to Germany and London. The mood is very, very bad."

During the recent festival of "Diada de Catalunya," or Day of Catalonia, which celebrates the end of the siege on Barcelona during the War of the Spanish Succession, an estimated 1.5 million people took to the streets to demand that Catalonia, a wealthy region of Spain that includes the city of Barcelona, secede from the country and form its own independent state. (

The European Central Bank recently announced that it will buy short-term bonds from member states that agree to abide by certain rules and conditions when applying for assistance ( But Spanish Prime Minister Mariano Rajoy has announced his rejection of these conditions, though he has yet to indicate whether or not his country will still request a bailout. (

Sources for this article include:

Follow real-time breaking news headlines on
Spain at
Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...


Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of, the internet's No. 1 natural health news site. (Source:

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.