Retail sales dropped 9.8pc year-on-year in April, official data showed on Tuesday. The fall was 6 percentage points greater than the revised fall of 3.8pc in March.
The data marks the 22nd month in a row of falling retail sales data and was the greatest fall since the series started in 2003.
The Bank of Spain warned on Tuesday that the country's economy will continue to shrink in the second quarter of this year and EU is reported as saying the financial sector needs €100bn.
In April the central bank warned that weak domestic demand had dragged the economy into its second formal recession - two consecutive quarters of negative quarterly growth - since 2008.
On Monday, Spanish stocks plunged to a nine-year-low and its borrowing costs rose to unsustainable as traders refused to believe Mariano Rajoy’s claim that Madrid could salvage its banks without a bail-out.
The Telegraph
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