The Bank of Spain warned Wednesday that the country is in a deep recession, a day after clashes in Madrid between protesters and the police led to 38 people arrested and 64 injured.
The demonstrations on Tuesday evening against the government's austerity drive at a time of mass unemployment put in sharp relief the scale of discontent that's brewing in a country suffering its second recession in three years and an unemployment rate of nearly 25 per cent.
In the wake of the clashes and a warning from the central bank's that the country's economy continues to shrink "significantly," financial markets have grown increasingly nervous.
The main IBEX index in Madrid was down a hefty 2.6 per cent, while Spain's 10-year bond yield edged back up toward six per cent.
Read more: Spain's economy shrinks further - Business - CBC News
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