Spain's Capital Outflow Soars Nearly 40% In June

The Bank of Spain announced on Friday that capital outflow from the debt-choked country had increased by almost 40 percent in June.

According to the central bank report, net capital outflow rose to €56.6 billion ($71 billion) in June, an increase from the previous month's €41.3 billion outflow.

Not counting August, this brings the nation's total loss of capital so far this year to €315.6 billion, an amount roughly one-third of the European nation's total economic output.

The report also states that the country's current account registered a deficit of €257.2 million in June, a drop from €1.3 billion the previous year.

An analyst speaking to Reuters said the country is now considering requesting a rescue package to decrease financing costs, citing concerns with diminishing investor confidence as the primary cause of the increased capital outflow.

At present, Spain remains stuck in the recession in entered late in 2011. The rising capital outflow and unemployment rates, along with falling tax revenues, are hampering any attempt to cut the deficit according to European Union demands.

The continued weak economic data coming from Spain's central bank casts doubt on the nation's ability to abide by EU austerity standards while receiving incremental rescue packages, shaking investor confidence in the country that may still need a more comprehensive EU bailout.