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Currencies  |  October 01, 2012 23:31:38

European banks: Money flows away from South to North

The outflow of money from the southern eurozone countries continued in August. According to the statistics of the TARGET2 system such as Spanish banks were € 434.4 billion in the hole, italian 289.3 billion. In both cases, it is a historical record, as well as the opposite pole in Germany (+751,4 million euro).

TARGET2 - banks' balance sheets from each country

Note: TARGET2 replaced the 19th November 1997 the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System). It is a clearing system operated by the ECB acquiring cross-border money transfers between banks in real time.

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