Spain has plunged into a second recession amid government measures to rein in the country's debt. Ratings agency Standard and Poors has downgraded nine of Spain's banks, many of which are bogged down in bad loans. It also comes as Spain's unemployment rate has soared to almost 25 per cent, the highest in Europe. And sweeping cuts to health care and education have seen thousands taking to the streets, angered at the government austerity measures. RT gets some analysis on the situation in the country from Professor of economics Philipp Bagus, author of the book "The tragedy of the euro".
Tuesday, May 1, 2012
Sinking Spain: Lost in the recession pit
RussiaToday
Spain has plunged into a second recession amid government measures to rein in the country's debt. Ratings agency Standard and Poors has downgraded nine of Spain's banks, many of which are bogged down in bad loans. It also comes as Spain's unemployment rate has soared to almost 25 per cent, the highest in Europe. And sweeping cuts to health care and education have seen thousands taking to the streets, angered at the government austerity measures. RT gets some analysis on the situation in the country from Professor of economics Philipp Bagus, author of the book "The tragedy of the euro".
Spain has plunged into a second recession amid government measures to rein in the country's debt. Ratings agency Standard and Poors has downgraded nine of Spain's banks, many of which are bogged down in bad loans. It also comes as Spain's unemployment rate has soared to almost 25 per cent, the highest in Europe. And sweeping cuts to health care and education have seen thousands taking to the streets, angered at the government austerity measures. RT gets some analysis on the situation in the country from Professor of economics Philipp Bagus, author of the book "The tragedy of the euro".
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