Spain faces 207-bln-euro headache in 2013
- Published: 31 Dec 2012 at 10.46
- Online news: World
Spain defied the markets by averting a sovereign bailout this year but high interest rates could yet force Madrid to its knees as the nation confronts a 207-billion-euro ($274 billion) financing headache in 2013.
Spain's Prime Minister Mariano Rajoy arrives at the Parliament in Madrid, on December 20, 2012, to attend a session to pass next year's budget. Spain defied the markets by averting a sovereign bailout this year but high interest rates could yet force Madrid to its knees as the nation confronts a 207-billion-euro financing headache in 2013.
The eurozone's fourth-biggest economy has skirted a rescue so far even after slipping into a recession in mid-2011 that has sent the unemployment rate soaring to 25 percent, the highest in Spain's modern history.
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