Spanish economy now in official recession.

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    Spain’s economy slides into official recession in the first quarter of 2012. Rajoy has also announced he will impose further ministerial spending cuts of 15% across the board and freeze public sector salaries.

    Regional government spending which has been out of control in the last decade has taken it’s toll on the nations finances.
    With the truly awful unemployment levels particularly among the young it’s surprising there has not been more civil unrest. The Spanish seem to be accepting their fate.

    A general strike has been called in Spain for 29th March which will only cost the economy more and achieve nothing.

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