Spain's Prime Minister Mariano Rajoy steps out of the Moncloa Palace in Madrid Monday April 23, 2012 before a meeting. Spain is back in recession as the economy contracted 0.4 percent in the first ... more 
Spain's Prime Minister Mariano Rajoy steps out of the Moncloa Palace in Madrid Monday April 23, 2012 before a meeting. Spain is back in recession as the economy contracted 0.4 percent in the first quarter of the year, the central bank said Monday. The new conservative government has said the economy is shrinking and forecasts it will contract 1.7 percent this year. It has approved labor market and financial sector reforms, taken drastic deficit-reduction measures, and warned Spaniards to prepare for a rough patch as things will get worse before they better. The jobless rate is nearly 23 percent and expected to rise. (AP Photo/Pedro Acosta) less 
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Associated Press | Photo By Pedro Acosta
Mon, Apr 23, 2012 6:07 PM EDT