On April 25th – Spain admits recession worse than expected

Madrid – Spain acknowledged that its economy would shrink more than initially expected in 2013 and its budget deficit would be higher than promised, but the European Union gave it more time to bring the shortfall back down to bloc limits. The Spanish Prime Minister, who was a keen advocate of austerity in his first year in power, has tried since February to find a middle way in the argument over Europe’s economic future between the pro-austerity and pro-growth camps. Officials began to sketch out a reform plan aimed at returning Spain to growth but details remained thin, with the government saying there is no real need to pass major new structural measures, tax hikes and spending cuts to meet new targets.
Madrid.  Widely written about is the property slump in mainland Spain, Fortunately the Mallorca real estate scene has no relevance to the downturn being experienced in the mainland.

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