Spain is on the brink

Has this been reported in the US press?


Spain economy shrinks in final quarter of 2011
29 Dec, 2011, 2110 hrs IST, AFP

MADRID: Spain’s economy shrank in the final quarter of 2011, battered by financial market tensions and a deteriorating global economic outlook, the Bank of Spain said Thursday.

The grim report fed widespread fears that Spain has already slumped into a recession after the economy, dragged down by a 21.5-percent jobless rate, posted zero growth in the third quarter of 2011.

“After the stagnation the Spanish economy showed in the third quarter, the available economic information, still incomplete, indicates activity contracted in the final months of the year,” the bank said.

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