Bank of Spain says slump reached ‘nadir’ in 2012

Madrid city council

The Bank of Spain's annual report, published today, shows some cautious optimism that the worst of the recession passed in 2012, and keeps pressure on the government to stick to its programme of reforms.

"The double-dip recession reached its nadir in the transition from 2012 to 2013, and this episode may be expected to be gradually overcome during the present year," the Bank of Spain said. Nevertheless, the central bank noted financial conditions remain "very strict" despite some signs of easing

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