TEXT-Fitch: Non-resident investors pulling out of Spain, Italy
| Reuters
The proportion of Spanish and Italian public debt held by
non-resident investors continued to fall in the first quarter of 2012 as banks
funded with cheap ECB money replaced international institutional investors,
according to Fitch Ratings. We expect this trend to continue in the coming
quarters.
The pace of the withdrawal by non-residents quickened in Spain, where we
estimate that non-resident holdings of Spanish public debt, excluding ECB
holdings under the Securities Markets Programme, dropped to 34% in Q112, from
40% at end-2011. It has been dropping steadily from over 60% in 2008.
Is this part of that " No Capital flight "?
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