Spain's prime minister says his country's economic misery will only get worse this year, despite the country's request for a European financial lifeline to save its banks.
Prime Minister Mariano Rajoy says Spain will remain in recession and unemployment is likely to grow.
Across the country, Spaniards are reacting with a mixture of anger and relief to the news. The eurogroup's lifeline could total as much as $125 billion. Per person, the new debt would almost equal the average salary in the country.
But the prime minister took pains today to avoid the word bailout. He says Spain's rescue package is a line of credit that its most troubled banks will be able to tap and will not come with the outside control over economic policy like that imposed on Greece, Ireland and Portugal when their public finances were bailed out.
Germany's finance minister says "Spain is making the necessary reforms to improve its competitiveness" and control its deficit.