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A man buys fish in a market in Barcelona, Spain, Saturday June 9 2012. Spain will ask for a bank bailout from the eurozone, becoming the fourth and largest country to seek help since the single currency bloc's debt crisis erupted. (AP Photo/Emilio Morenatti)
Emilio Morenatti, ASSOCIATED PRESS - AP
Women look at clothes in a shop in Barcelona, Spain, Friday June 8, 2012. Spain could decide this month to ask for a bailout for its troubled banking sector, a step that would make it the fourth country in the 17-member eurozone to seek help since the EU debt crisis broke out.
Emilio Morenatti, Associated Press - Ap
A man holds a cup as he begs in a street in Barcelona, Spain, Saturday June 9 2012. Spain will ask for a bank bailout from the eurozone, becoming the fourth and largest country to seek help since the single currency bloc's debt crisis erupted. (AP Photo/Emilio Morenatti)
Emilio Morenatti, ASSOCIATED PRESS - AP
Spain: Economic pain to deepen despite bank rescue
- Associated Press
- June 10, 2012 - 5:58 AM
MADRID - Spain's prime minister says his country's deep economic misery will worsen this year despite the country's acceptance of a European financial lifeline of up to (EURO)100 billion ($125 billion) to rescue its hurting banks.
Mariano Rajoy says Spain will stay stuck in its second recession in three years, and unemployment will rise above the current level of nearly 25 percent — the highest among the 17 nations that use the common euro currency.
Rajoy told reporters Sunday that his decision to ask for outside help a day earlier was difficult but will save the country from total economic devastation while strengthening the shaky status of the European Union.
He refused to call the rescue package a bailout, saying it is different from those received by Greece, Italy and Portugal.
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