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Spain lost 38.6 billion euros ($51 billion) of foreign portfolio investment in the 11 months through November, as the sovereign debt crisis pushed more foreign investors to exit Spanish markets. The outflow from securities such as bonds and equities accelerated from 24.1 billion euros in the first 11 months of 2010, the Bank of Spain said in an e-mailed statement today. Spain’s current account deficit narrowed to 36.2 billion euros in the period from 45.8 billion euros a year earlier, the central bank said. The People’s Party government, in power following a general election on Nov. 20, is trying to convince foreign investors it can fix public finances and kick-start the shrinking economy. Spain’s 10-year borrowing costs have fallen to 5 percent from more than 6 percent at the end of...
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