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Five reasons for Spain's colossal economic troubles

Are there lessons for the still-fragile US economy in the recent economic failure in Spain? Investors say they continue to be frightened of Spain's growth prospects.

By Alan Clendenning and Harold Heckle | Updated on July 24, 2012

MADRID (AP) — Spain’s financial crisis is a lot like peeling an onion: remove one troubled layer and you only expose another.

Repeated efforts since 2009 by successive governments to fix the country’s problems have only managed to undermine confidence in the fourth-largest economy among the 17 nations that use the euro.

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