Europe bailout of Spain could cost $125 billion

Two mens are the only customers of an almost empty terrace in the Plaza Mayor, in Madrid, Monday, April 30, 2012. Spain's National Statistics Institute announce on Monday that Spain is officially back in recession as the country's economy shrank 0.3 percent in the first quarter compared to the previous three months. This is Spain's second recession in three years. Spain's economic problems have become the focus of Europe's debt crisis as investors worry over Spain's ability to push through austerity measures and reforms at a time of recession and an unemployment rate hitting 24 per cent - or 50 per cent for those aged under 25. Late last week, S&P downgraded the country's credit rating by two notches from A to BBB+, citing a worsening budget deficit, worries over the banking system, and poor economic prospects.(AP Photo/Daniel Ochoa de Olza)
June 9, 2012 6:47:04 PM PDT
Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to ?100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country eurozone.
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