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"It's really a capital flight problem".
Nor was it ever contemplated that one of Europe's largest economies would experience a capital flight crisis similar to that in Mexico or Thailand.
The information included bank records that detail a capital flight and money-laundering operation known variously as "The Russian Laundromat," "The Global Laundromat," or "The Moldovan Scheme".
But the eased policy creates new risks for Iran's government by raising the likelihood of such a capital flight, as Iran's economic isolation increases because of the sanctions imposed by Western powers in response to its disputed nuclear energy program.
Many wealthy Saudis who were not targeted in the crackdown frantically moved their money out of the country, the beginning of a capital flight that totalled millions of dollars a month.
"Last year, if you look everywhere from North Africa to Egypt to the Levant, you see that there's been a capital flight and people are looking for new places for investment," said Taufiq Rahim, director of Globesight, a consultant firm based in Dubai.
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There would be a huge capital flight out of peripheral countries into Germany, as savers tried to protect their euros from potential devaluation.
The deposit outflow in Spain reflects a broader capital flight problem that is by far the most serious in the euro zone.
NEW YORK TIMES Amid Rush for Corporate Bonds, a Word of Caution | Investors seem to love junk bonds, but "nobody really knows just how vulnerable the sector is to a sudden capital flight," Gillian Tett of The Financial Times writes.
Reluctant to contemplate a Russian capital flight from the island's banks and business, he insisted the savers' tax on deposits over €100,000 could not be higher than 10%, eventually settling on the symbolic rate of 9.9%.
Add to that a massive capital flight estimated by economic research firm Ecoanalitica to amount to $33bn in 2011, despite government currency controls aimed at curbing the problem.
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