The Euro crisis continues and the seventeen members look to be getting smaller.
We don't know yet whether any countries will end up leaving the Euro, however, We do know that quite a few investors are.
The ECB's latest balance of payments report shows there was a record 59.4bn euros net outflow of portfolio investment from the Euro zone in the first three months of 2012.
Of course, the numbers for individual countries are in even more shocking: yesterday we found out that nearly 100bn euros had fled the Spanish banking system in the first quarter.
On the one hand, yes the ECB can just print & print & print money to bail out wherever it is necessary, however, at some point it will come to an end, then what? Obviously the inevitable, the quantity of members will shrink back to the original six, and the countries that leave will have a tough time at first.
I suspect that Spanish holiday will suffer next adding to the turmoil.