1. Ruins. 
Spain’s economy will sink deeper into recession this year, the Bank of Spain said on Tuesday, sending a stark message to the government as it prepares to revise its own growth forecast.
In its annual update of economic forecasts, the central bank said it saw Spain’s economy shrinking by 1.5 percent in 2013 following a 1.4 percent contraction last year as austerity continues to exacerbate the effects of a burst property bubble.
The central bank’s new estimate is well below the official forecast for a 0.5 percent contraction in GDP, although the government is widely expected to revise the 2013 figure downwards in April.
(via Contrary To Prior Lies, Spanish 2013 Economic Contraction Even Worse Than In 2012 | Zero Hedge)

    Ruins.

    • Spain’s economy will sink deeper into recession this year, the Bank of Spain said on Tuesday, sending a stark message to the government as it prepares to revise its own growth forecast.
    • In its annual update of economic forecasts, the central bank said it saw Spain’s economy shrinking by 1.5 percent in 2013 following a 1.4 percent contraction last year as austerity continues to exacerbate the effects of a burst property bubble.
    • The central bank’s new estimate is well below the official forecast for a 0.5 percent contraction in GDP, although the government is widely expected to revise the 2013 figure downwards in April.

    (via Contrary To Prior Lies, Spanish 2013 Economic Contraction Even Worse Than In 2012 | Zero Hedge)

Notes

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