Euro slips vs dollar as Spain falls into recession
NEW YORK (AP) — The euro is weakening against the dollar after Spain confirmed that is in another recession.
Traders are worries that the country won't be able to cut its budget deficit and may need a bailout. The euro zone's fourth-largest economy may have much more debt than the continent's bailout funds could handle.
Spain says its economy shrank 0.3 percent in the first quarter. Last week it said its unemployment rate rose to 24.4 percent in the first quarter. This is Spain's second recession in three years.
The euro fell to $1.3226 Monday afternoon from $1.3259 late Friday.
The British pound fell to $1.6228 from $1.6269. The dollar rose to 0.9079 Swiss franc from 0.9062.
It fell to 79.80 Japanese yen from 80.39 yen.
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