The risk that the euro zone’s fourth-largest country may need a massive dose of outside help is forcing the region’s leaders to accelerate weighty decisions they had expected to consider over time. These include deciding whether the euro-zone countries should begin issuing bonds that they all jointly back, a step that would be aimed at reassuring investors skittish about lending money to troubled governments such as Spain’s.
Spain’s problems add pressure on Europe’s leaders to accelerate crisis response
Spain hit with second recession in three years: Spain announced April 30 that it has officially entered a recession. The news comes just three days after the country said that its unemployment rate has spiked to almost 25 percent and a day after tens of thousands of protesters rallied against cuts in health care and education.