The Spanish prime minister, Mariano Rajoy, has called on the European Central Bank to create a program to provide cheap funding to small businesses, an initiative that has been empolyeed outside the euro zone to get credit flowing again.
Small firms in Spain are paying higher rates for financing than their counterparts in Northern Europe, the result of a property bust and prolonged recession in that country.
Though credit conditions helped push a record number of Spanish firms into bankruptcy in the first quarter of 2013.
Source: The Global Edition of The New York Times, Reuters
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