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Bankruptcies in Spain soar to all-time high

Source: El Pais - Tue 10th May 2011

The continued depression of Spain's property market together with the on-goingweakness of the economy following the worst recession in living memory have forced a record number of families and businesses to seek protection from creditors, Spanish El Pais daily writes.

Statistics released yesterday by the National Statistics Institute (INE), reveal how the number of individuals and firms in bankruptcy proceedings climbed 5.9% in the first quarter of 2011 from a year earlier to reach 1,803 - the highest figure since the INE began compiling data back in 2005. The previous high was set at 1,762 in the second quarter of 2009, when the country was still in recession.

Spain managed to pull away from recession at the start of last year but is still awaiting positive signs of a recovery in the economy. Just last week the Bank of Spain estimated that GDP had increased 0.2% in the first quarter, keeping pace with the growth seen in the previous quarter, while the INE reported that unemployment had grown to reach 4.9 million as the jobless rate hit 21.3%.

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