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The Uro Crash, The European Time Bomb

The 2008-2012 Spanish financial crises are part of the world economic crisis of 2008. On 25 May, it was reported that Bankia SA had negotiated a further 19 billion euro (US$23.8 billion) bailout, marking another rise in the cost of a drawn-out rescue. The government had already spent 4.5 billion euros to prop up Bankia, and the entire rescue was then seen totalling some 20 billion euros. The New York Times described the increasing bailout as making Spain one of the new focal points of the European sovereign-debt crisis.[16] Bankia also revised its earnings statement for 2011, stating that instead of a profit of 309 million euros, it had in fact lost 4.3 billion euros before taxes and asked for 1.4 billion fiscal credit to reduce its loss.In response to growing concerns, Standard & Poor downgraded its rating of Bankia’s creditworthiness to “double-B-plus”, making it a junk bondIn Spain, the crisis was generated by long term loans (commonly issued for 40 years), the building market crash which included the bankruptcy of major companies, and a particularly severe increase in unemployment, which rose to 13.9% in February 2009.Euro zone 2011 – Euro zone 201517 Member States of the European Union use the euro as their currency in 2011The euro zone, officially the euro area, is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro () as their common currency and sole legal tender. The euro zone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Of the 10 EU member states outside the euro zone, seven states are obliged to join, once they fulfill the strict entrance requirements. Three EU member states have exceptions (that is, states not obligated to join the Zone), including Sweden, which has a de facto opt out; Denmark, which has an opt out that may be abolished in the future; and the United Kingdom, which also has an opt out provision.

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