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Spain hit with second recession in three years

Spain announced it has officially entered a recession just days after the country said that its unemployment rate has spiked to almost 25 percent.

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 June 3, 2012

Activists stand at the main entrance of a recently occupied Bankia bank's building in Madrid, Spain. The banner reads "Bankia is ours." Spain will stick to harsh austerity measures until it emerges from its financial crisis, Prime Minister Mariano Rajoy said Saturday, promising that the country would survive the present economic turmoil.

Alberto Di Lolli / AP

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