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Spanish mixed about bank bailout

Monday, June 11, 2012 - 01:11

Spanish markets see gain after bank bailout announced, but analysts and everyday Spanish still worried about unemployment and austerity. Jessica Gray reports.

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Spanish banks are breathing easier thanks to a promised bailout worth up to 100 billion euros. The news prompted a market rebound on Monday, with investors buying up shares in embattled banks set to receive cash. The euro currency also got a boost as worries eased over Spain's ability to weather the euro zone debt crisis. However, analysts aren't sure a bailout will solve all of the nation's credit troubles. (SOUNDBITE) (English) ECONOMY ANALYST MIGUEL MURADO, SAYING: "We still have to see. We are not out of the woods at all. This is just a starting point and, well, I'm not very optimistic, frankly." The country's 4.7 million job seekers are also concerned about the future of the euro zone's fourth largest economy. This woman says she's worried Spain's recession and rampant unemployment will only worsen if the government cuts spending to get itself out of debt. Others say the emergency funding is necessary to get Spain back on its feet. The nation has one of the worst unemployment rates in the developed world at just over 24%. Jessica Gray, Reuters

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Spanish mixed about bank bailout

Monday, June 11, 2012 - 01:11