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Spanish data underscore dangerous economic slide
Spanish retail sales plunged a record 9.8pc last month underscoring a dangerous economic slide that could derail Madrid's efforts to shore-up its banks and struggling regions. Shoppers axed their spending in April compared to the same time last year, a drastically steeper decline than the 3.8pc drop in March and the 22nd monthly fall in a row. The Bank of Spain warned that economy will shrink again in the second quarter. It came as Madrid, which has insisted it can cope without a bail-out, forged ahead with eleventh-hour reforms, as its stocks fell and its benchmark borrowing costs hit 6.5pc, with a fresh low against ... (full story)