Unlike earlier, foreigners now rushed to pull their capital from Germany. As noted previously, about a third of all deposits in German banks were foreign-owned, and foreign speculation had been a huge source of support for the German economy and balance of payments. Over the next few months, about two thirds of these deposits disappeared and capital inflows collapsed.91 Simultaneously, capital flight of Germans wanting to get out accelerated; well-to-do citizens rushed to get their wealth out before the confiscatory taxes agreed to in the January compromise came into effect. The mark collapsed
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