Spain’s Prime Minister: “This Year Is Going To Be A Bad One”

“This year is going to be a bad one,” said Prime Minister Mariano Rajoy in a press conference. He reaffirmed the previous forecast of a 1.7 percent shrink in GDP in 2012. The country forecast 24.3 percent unemployment in March, and Spainiards under 25 have a 52 percent unemployment rate.

Rajoy has cut government programs and raised taxes to combat the deficit, leading to protests.

Spain is the fourth and largest country in the euro zone to accept financial assistance, joining Greece, Ireland and Portugal. Rajoy stressed that the aid was limited to the country’s banks, which have been weighed down by the global recession and toxic real estate holdings, and avoided the term “bailout.”

Full article: Spain’s Prime Minister: “This Year Is Going To Be A Bad One” (International Business Times)