Spain back in recession after first-quarter contraction

April 30, 2012 04:07

First the UK now Spain. Are the dominoes falling? “Spanish government is considering helping the banking industry by allowing them to put bad loans into a government-organised fund.” – BBC News


BBC News


The National Statistics Institute said the economy shrank 0.3% over the three months to the end of March, the second consecutive quarterly contraction.


On Friday the government said that unemployment hit a record in March of 24.4%.

And on Sunday, tens of thousands protested planned cuts in healthcare and education.

The cuts are part of the government’s effort to reduce the public deficit to to 5.3% of gross domestic product in 2012, from 8.5 percent last year.

But that effort is being hampered by the lack of growth. Spain only emerged from a year-long recession in early 2010.


Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere: