The other day it was the UK falling back into recession and now Spain, another country that implemented harsh austerity. Anyone else seeing a trend here? More on the latest bad news for Spain from Reuters via CNBC:
Spain's economy slipped into recession in the first quarter as domestic demand shrank, data showed on Monday, with deep government spending cuts in an uphill battle to trim the public deficit likely to delay any return to growth. Gross domestic product shrank 0.3 percent in January-March from the previous quarter according to preliminary National Statistics Institute data, unchanged from October-December and compared to a Reuters poll expecting a 0.4 percent contraction.Who will be the first country in the EU to tell the bankers to pound go pound salt?