Spain finance warning: Madrid cuts economic forecast after EU rescue funds are delayed

Varoufakis issues warning on ‘puny’ EU recovery fund

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The Bank of Spain announced on Tuesday that the country’s economy is likely to shrink by 0.4 percent this quarter after two straight quarters of recovery due to restrictions imposed to tackle the third wave of COVID-19 infections. The bank lowered its full-year growth forecast as the country awaits the EU’s Recovery Fund.

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