IMF Urges Spain Segara Acting Clearly Overcome Crisis

The International Monetary Fund (IMF), Friday (27/7), said Spain will need to "determine action" to address the economic challenges and restore market confidence. "The economy has entered a recession that never happened before, while the unemployment rate is very high and rapidly rising national debt," the IMF said in its annual report on the Spanish economy. Spanish loans remains high while the bank was unable to handle the private capital markets, the report said. Current state of economic conditions remain "very difficult" and "vulnerable to significant downside risks", the IMF urged the Spanish government to "act quickly in many areas".