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PR Title:	BBVA Research considers that the adjustments and reforms being undertaken need time to achieve their objectives, as well as the backing of the European institutions
PR Summary:	BBVA Research forecasts that the Spanish economy will shrink by 1.4% in 2012 and in 2013. The reasons for revising the growth outlook for 2013 are based on the lack of certainty regarding policies at European level: those that have to resolve solvency and liquidity problems, and others that must remove completely any market uncertainty regarding the risk of a break-up of the single currency.

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