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Saturday, November 01, 2008 

Spain is now the next European country to enter into recession

Spain could enter into recession, after other European countries have entered into contraction, said today the Minister of Finance of the country, David Vegara. The Spanish government estimates a growth of 1.6% this year and 1% in 2009 and a recession is not part of the official forecasts. Spain grew more than the euro zone for more than ten years, before the crisis dampened the boom in the construction sector. The number of unemployed advanced to 600 thousand in the first eight months of the year while it fell in the rest of the euro zone, according to Eurostat figures. The European Commission expects Spain will enter into recession this year. The financial crisis has been the main responsible for the slowdown in economic growth and the expectations of global recession, with the financial sector being one of those who have been most affected by the turbulence. The Finance Minister, Pedro Solbes, has repeatedly stated that the Spanish banks are not at risk of bankruptcy and do not need to be saved as some in Europe, although the government of the country is to create afund, amounting to 50 billion million to buy some assets from banks. It becomes clear that some of most important countries in the world are now in a deep trouble to sustain the current growing. After France, German and United Kingdom, Spain may be the next target of the recession in Europe.

See you later !!!

AC

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