Spain's Economy Woes Rubbing Off On Telecoms Companies

The Spanish economy has been suffering more than many others in Western Europe, and telecoms operators are certainly feeling the pain. In the same week that Vodafone revealed a GBP3.4bn (US$5.36bn) in its Spanish business, France Télécom also admitted that it had little hope for improvement in Spain's mobile market in 2009. Telefónica, too, has been hard hit by the severity of the recession, and now cable company ONO seems likely to struggle to meet its refinancing needs over the coming months, reports Reuters.

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