Spain falls into recession

Spain has fallen into its second recession since 2009 as its economy shrank for the second consecutive quarter, according to a government report Monday.

There are now a dozen European nations that have had their economies shrink for two consecutive quarters, a condition that generally equates to a recession.

The Spanish economy, struggling with the aftermath of the bursting of a housing bubble, has been particularly hard hit by the economic turmoil rolling across Europe. On Friday, the government reported that Spain's unemployment rate hit record high of 24.4%.