BBC News
June 1, 2012
We don't know yet whether any countries will end up leaving the euro. 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 eurozone 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.
I discussed the options for Spain and its banks, and its government's desire to get help from the European Central Bank, on the Today programme this morning.
In many ways, the flow of private investor cash from the periphery countries, and the eurozone itself, is the price that European leaders pay for the "muddle through" approach to the crisis.
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