Data released Monday showed that Spain has joined seven other European nations in recession, giving new light to the fact that austerity plans are unable to shake the weight of economic downturn in the region. Protests are expected over the coming week in Spain and other nations, while both France and Greece hold elections this weekend that could throw out the current rulers in those respective nations. Spanish banks floated the idea of a “bad bank” to take on soured assets and relieve economic pressure. Spain’s unemployment rate is now hovering at 24 percent as its GDP contracted 0.3 percent in the first quarter of 2012.
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