Spain's Industrial Output Falls In April
Spanish factory and mine production had its worst month in more than two years — dropping by more than 8 percent. Spain is in its second recession since 2009, and eurozone nations are concerned its troubled banks might need a capital boost. This anxiety is causing headaches for banks in Germany. Six German banks had their credit ratings cut by Moody's Wednesday.
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DAVID GREENE, HOST:
NPR's business news starts with yet another setback for Spain.
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GREENE: Spanish factory and mine production had its worst month in more than two years. The country's industrial output in April fell by more than eight percent. Spain is in its second recession since 2009, and eurozone nations are concerned its troubled banks might need a capital boost. This anxiety is causing headaches for banks in Germany. Six German banks had their credit ratings cut by Moody's today. The ratings agency worries that German banks face higher risks as the eurozone crisis deepens.
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