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Spain’s faltering economy The European nation is facing economic pain, after the Spanish government slashed welfare budgets and reduced salaries as part of austerity measures to help reduce the country’s dangerous deficit.
May 10, 2012
Students protest during a demonstration in Madrid. The students are protesting government cuts in education. Main banners read “More education, less repression,” “Slave education” and “Organize and fight.”
Paul White
/
AP
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May 7, 2012
A broker stands in the middle of the stock exchange in Madrid. Spain's prime minister says the government will likely present important bank cleanup measures this week to clear up doubts about the solvency of the sector. Prime Minister Mariano Rajoy gave no details but said he would not rule out lending or injecting public money into the banking sector if necessary. Spain's real estate bubble burst in 2008 saddling banks with enormous amounts of bad loans. The Bank of Spain says the sector has about $230 billion in "problematic" holdings.
Paul White
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AP
May 3, 2012
A police officer scuffles with a student during a demonstration in Barcelona. Several hundred students protesting increases in college costs gathered near the University of Barcelona as the European Central Meeting began in a heavily guarded hotel. The meeting took place with an additional 2,000 police on the streets because of fears that protests aimed at Spanish government cutbacks would turn violent. Spanish authorities imposed airport and border passport checks, suspending provisions of the Schengen treaty that permit people to cross borders without showing documents.
Emilio Morenatti
/
AP
May 1, 2012
Alice, a homeless woman, left, begs for alms as people protest against the government's tough new labor reforms and cutbacks. Banging drums and waving flags, tens of thousands of workers marked May Day in European cities Tuesday with a mix of anger and gloom over austerity measures imposed by leaders trying to contain the euro zone's intractable debt crisis.
Alvaro Barrientos
/
AP
May 1, 2012
Police officers in plain clothes form a cordon as demonstrators, unseen, march past during a protest in Barcelona.
Emilio Morenatti
/
AP
May 1, 2012
People take part on a protest during May Day in the center of Madrid.
Daniel Ochoa de Olza
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AP
April 30, 2012
Two men are the only customers of an almost empty terrace in the Plaza Mayor in Madrid. Spain's National Statistics Institute announced 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. The country's unemployment rate hit 24 percent -- or 50 percent 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.
Daniel Ochoa de Olza
/
AP
April 27, 2012
A seller waits for customers at her fish shop in a market in Barcelona. The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain's banks are in worse financial shape and the government's deficit is hitting worrisome levels.
Emilio Morenatti
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AP
April 14, 2012
A woman walks past a closed store in Madrid. Spain is the latest country in the hot seat of the euro-zone debt crisis, and the stakes are huge if it goes crash-and-burn. Investor wariness of Spanish paper as an investment tool has shot up over the past month, rattling a conservative government that has been in power only three months and is passing reform after reform as it tries to rescue a shrinking economy saddled with high unemployment.
Alberto Di Lolli
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AP
Feb. 7, 2012
Public-sector workers take part in a march against proposed cuts by Madrid's regional government in downtown Madrid.
Susana Vera
/
Reuters
Feb. 14, 2012
Agustin Gabarri, left, talks to his grandson, Israel, before they sleep at Gabarri's home for the last time before its demolition the following day in the Puerta de Hierro neighborhood outside Madrid. Out of more than 50 homes that used to stand in the neighborhood, there are only six left, as well as the debris of the ones already demolished. Gabarri has been assigned a public housing flat, but as the order to demolish his home came before his flat was ready, he will have to share his children's already overcrowded houses.
Susana Vera
/
Reuters
Feb. 15, 2012
Maria Rosario Leston, second from right, has her daughter Begona, right, braid her hair, as her son-in-law, Angel Duval, left, takes care of his daughter, Nazareth, while police stand outside their door in preparation for the start of the demolition of their home at the Puerta de Hierro neighborhood outside Madrid.
Susana Vera
/
Reuters
Feb. 14, 2012
Nazareth Gabarri, second from right, combs her cousin Yasmin's hair as their aunt, Rosa Gabarri, far left, cleans furniture that she is removing from her parents' home a day before its demolition at the Puerta de Hierro neighborhood outside Madrid.
Susana Vera
/
Reuters
Feb. 16, 2012
Spain's Prime Minister Mariano Rajoy, far right in the front row, and Deputy Prime Minister Soraya Saenz de Santamaria, center in front row, listen to Justice Minister Alberto Ruiz-Gallardon after the approval of the government's financial sector reform at Spanish Parliament in Madrid. The Spanish economy shrank for the first time in two years in the fourth quarter, the start of what economists fear could be a prolonged slump as Madrid implements harsh austerity measures to deflate a massive budget deficit.
Andrea Comas
/
Reuters
Feb. 16, 2012
Spain's Prime Minister Mariano Rajoy listens to Deputy Prime Minister Soraya Saenz de Santamaria during a parliamentary session approving the government's financial sector reform at Spanish Parliament in Madrid.
Andrea Comas
/
Reuters
Feb. 16, 2012
Spain's Economy Minister Luis de Guindos attends a parliamentary session approving the government's financial sector reform at Spanish Parliament in Madrid.
Andrea Comas
/
Reuters
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