Published on Aug 28, 2012 by Euronews
http://www.euronews.com/ Spain is falling deeper into recession as Madrid moves closer to seeking a European rescue package.
Data released on Tuesday show the economy shrank 1.3 percent between April and June from the same period last year.
The amount of money being withdrawn from Spanish banks soared in July, with private sector deposits falling almost five percent at end-July from one month earlier.
The recession is expected to worsen as austerity measures introduced in response to the eurozone debt crisis reduce demand for goods and services.
...Data released on Tuesday show the economy shrank 1.3 percent between April and June from the same period last year.
The amount of money being withdrawn from Spanish banks soared in July, with private sector deposits falling almost five percent at end-July from one month earlier.
The recession is expected to worsen as austerity measures introduced in response to the eurozone debt crisis reduce demand for goods and services.
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