May 18, 2012
A man walks past the Bank of Spain building Friday in Madrid. Spain’s stock market flirted with seven-year lows Friday as investors continued to worry about the stability of the eurozone’s financial system in light of the downgrading by credit ratings agency Moody’s of the country’s banking industry.
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Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe’s economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery.