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OECD: Spain will remain in deep recession until 2013
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- OECD: Spain will remain in deep recession until 2013
29/11/2012 05:16:58 PM
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Publish Date29/11/2012 05:16:58 PM
Last Update29/11/2012 05:50:47 PM
The Organisation for Economic Co-operation and Development (OECD) pointed out that Spain will stay in recession till the end of 2013 amid high unemployment rates and the need to shore up its banks which affect the economy.
Spain was about to be listed in those European countries that been bailed out by international creditors, while the fear eased after the announcement of a new ECB bond-buying plan which will reduce borrowing costs in the region.
The OECD also warned: “The prospect of an immediate recovery remains remote as deleveraging of the private sector still has a long way to go while the feedback loop between government finances and the banking sector remains strong, notwithstanding the loan of up to 100 billion Euros from the euro area governments to recapitalize the banks”.
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