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Miners set fires, block Spanish highway in protest

Eloy Alonso / Reuters

A miner stands in front of burning barricades on the A-66 motorway, on the first day of a strikes to protest against the government's spending cuts in the mining sector, in Pola de Lena, near Oviedo, northern Spain, on May 23.

Eloy Alonso / Reuters

Miners on strike move to set up a barricade on the A-66 motorway, on the first day of a strike to protest the government's spending cuts in the mining sector, in Pola de Lena, near Oviedo, northern Spain, May 23. Spain's economy is contracting for the second time since late 2009 and four years of stagnation and recession have pushed unemployment above 24 percent, the highest rate in the European Union.

 From Reuters:  MADRID - Spain may say on Wednesday how it will plug a hole of at least 8 billion euros ($10.21 billion) at Bankia, part of an effort to clean up a banking sector laden with bad debts and stop the country sinking further into the euro zone debt crisis.

Economists say Spain has little hope of emerging from recession unless there is a wide-ranging bank recapitalization and many predict it will need an international aid package similar to the ones handed out to Greece and Ireland. Continue reading this story here.