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IMF Raises Fresh Concerns about the Spanish Economy
BBC: The International Monetary Fund (IMF) has raised fresh concerns about Spain's economy, saying "far-reaching" reforms are needed to ensure its recovery.

It said the country faced "severe" challenges, including the need to urgently reform a "dysfunctional" labour market, and its banking sector.

The IMF's comments came after Spanish authorities had to rescue regional lender Cajasur at the weekend.

Last week, Spain's government passed austerity measures to cut its deficit.

This deficit - the money the administration has to borrow to pay for public services due to insufficient tax returns and other revenues - currently equates to 11% of Spain's economic output.

This is substantially higher than the eurozone ceiling of 3% and another concern that the IMF has highlighted.

It also pointed to Spain's property market slump, heavy indebtedness in the private sector, and weak productivity and competitiveness. >>> | Monday, May 24, 2010