Spain revises down its economic forecast

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Spain's government has revised down its forecast for the Spanish economy this year, saying the level of contraction will likely be worse than previously predicted.

Madrid now expects the economy to contract by 1.3% in 2013, compared with its earlier estimate of -0.5%.

Deputy Prime Minister Soraya Saenz de Santamaria spoke about new local laws for the autonomous regions in Spain to stop duplication of finances

Spain's unemployment rate hit 27.2% in the first three quarters of 2013.

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