Torrent of Cash Exits Eurozone

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Another effect has made the flood out of Europe especially powerful. Unlike the Fed's three waves of quantitative easing, the ECB's version is coming as European governments are trimming budgets. That means they issue fewer bonds, and European investors have more reason to look abroad for returns instead of paying dearly for relatively scarce assets at home—or having cash in euros that they might need to pay to hold on to.