Spain falls deeper into recession upping pressure on PM RajoyOctober 24, 2012 - 11:50 AMT PanARMENIAN.Net - Spain fell deeper into recession in the third quarter, upping the pressure on Prime Minister Mariano Rajoy as he seeks more austerity measures and considers requesting a eurozone-led bailout, CNNMoney reports. Preliminary central bank figures for the quarter released Tuesday showed the Spanish economy shrank by 0.4% compared to the March-June period, with contractions occurring in both government and household spending. Year-over-year, the economy contracted by 1.7% in the three months ended Sept. 30, compared with 1.3% in the second quarter. Spain, the eurozone's fourth largest economy, is stuck in its second recession in three years. Both the government and the International Monetary Fund are predicting further contraction next year, although they differ on the scale. Unemployment has risen to record levels around 25%, putting Spain on a par with Greece, and sparking angry protests at the waves of spending cuts and tax increases introduced by the government to reduce debt. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |