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Eurozone OKs Spanish Bank Bailout

Matthew Frank Kot for local2 sault ste. marie
June 10th, 2012 at 1:31pm | Last Updated at 1:34pm



Spain Debt Crisis

Spain, Europe's 5th largest economy, is over 716,000,000,000 in debt, according to the National Debt Clock. That amounts to 15,000 per Spaniard.

Europe's financial bloc today announced it has approved a 100,000,000,000 ($125 billion) bailout to help shore up Spain's banking sector. The country's banks have suffered from bad loans as property prices have tumbled. The Prime Minister has assured his people that the bailout from the Eurozone will help Spain recover from economic despair.

The nation is over 700,000,000,000 in debt, which amounts to about $900 billion Canadian. Unemployment among Spaniards is hovering around 24.1%. Canada's is around 7.3%. Canadian Prime Minister Stephen Harper, after meeting European leaders this week, has cautioned the Eurozone not to implement any socialist measures, fearing that if Europe falls, the Canadian economy would fall into another recession.

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