Crisis-hit Spain pays price of joining EU rich club

Blighted by recession and tottering on the edge of a sovereign bailout, Spain is about to pay the price of joining the club of richest nations in the European Union.

For the first time, Madrid may have to pay more into the bloc than it receives, a dramatic change from 10 years ago when it was the biggest recipient.

It is an unfortunate paradox at a time of deep crisis.

Spain was ready to accept such a change so long as it is gradual, said a diplomatic source ahead of a November 22-23 European Union summit on the budget for 2014-2020.

via Business feed http://www.scmp.com/business/economy/article/1087394/crisis-hit-spain-pays-price-joining-eu-rich-club