Spain sank into recession in the first quarter and economists said spending cuts aimed at meeting strict EU deficit limits together with troubles in the banking sector would delay any return to growth until late this year or beyond.
It is the second recession in just over two years for the euro zone’s fourth largest economy and comes as the government tries to convince investors it will not need outside aid to pay its bills like other countries caught up in the debt crisis.
The country is facing intense pressure from its European peers to fix public finances as well as growing domestic resistance to austerity measures that have helped push unemployment to more than double the EU average…
Source:
Read More @ Spain in recession as austerity bites | Reuters.
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