Investors Return to Spain as Surplus Reaches Record
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Spain posted its second current account surplus in the euro’s history and foreign investors increased their holdings for the first time this year, helping Prime Minister Mariano Rajoy’s campaign to resist a bailout.
The current account showed a surplus of 1.24 billion euros ($1.6 billion) in August, the Madrid-based Bank of Spain said today, compared with 500 million euros in July, when the nation showed its first surplus in the euro’s history. Foreign portfolio investment showed an inflow of 2.34 billion euros in August, the first positive reading since February 2011.