Rajoy’s Path to EU Bailout Clears as Spanish Recession Deepens

Rajoy’s Path to EU Bailout Clears as Spanish Recession Deepens

Javier Soriano/AFP via Getty Images

European Union budget enforcer Olli Rehn removed an obstacle blocking Spanish Prime Minister Mariano Rajoy’s path to a sovereign bailout, endorsing his deficit-cut efforts as the economy sank deeper into recession.