Spaniards hold mass rally in Madrid

The protesters gathered on Saturday outside the headquarters of the recently nationalized financial institution, Bankia, where police in riot gear arrested at least two people.

Officers were seen using violence to handcuff a protestor, and confiscating his camera before taking him away in a van.

Bankia is one of the several crisis-stricken Spanish banks requesting a bailout.

On June 9, the International Monetary Fund (IMF) agreed to lend 100 billion euros to Spain to save its failing banking sector.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, resulting in millions of job losses.

Many economists believe Spain will face a new recession in the first two quarters of 2012, raising concerns that the country might have to follow Greece in seeking a comprehensive EU-IMF loan.

MRS/MF/HJL

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