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THERE ARE NOW more than 5 million people unemployed in Spain.
BBC News reports that new figures show 5.3 million people were out of work at the end of December 2011, increasing from 21.5 per cent in the third quarter of the year to 22.85 per cent.
This is the highest unemployment rate in the country in 15 years.
The Wall Street Journal reports that this is double the EU rate of employment, which was 10.3 per cent at last count.
Spanish Finance Minister Luis de Guindos said on Bloomberg TV that the situation was something the government hoped to fix.
He said: “I think that this is the main incentive that the government has to implement the reforms that the Spanish economy requires, and rapidly.”
He said the government has to take the rate very seriously and it is something it hopes to fix using a large agenda of reforms.
The country hopes to publish plans on the reform of the Spanish banking system in mid-February.
Spain’s Conservative government unveiled its austerity measures in December in an attempt to get a grip on its public finances.
Prime Minister Mariano Rajoy, who met with German chancellor Angela Merkel this week, was appointed in November.
He faced the task of bringing in deficit reduction measures during a time when the country’s economy was expected to sink back into recession.
Spain continues to have the highest unemployment rate in the EU.
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Horrendous statistic for the Spanish. We would be the same if not for the Multinationals.
Very true..although I think Ireland really needs to reduce its dependance on them..we really need some Irish exporters..An entrepreneurial spirit has to be fostered..people need to take risks and start making companies..we obviously have the skills and knowledge..just have to commercialize it!
No we wouldn’t. The population of Ireland is barely 5 million.
With an unemployment rate like that it’s hard to see how Spain can stay in the euro. The economists are saying that southern europe needs a lower value currency while Germany is benefiting from a currency that is allowing its exports to be very competitive. No wonder the Germans favour Croatia, Poland and Romania to enter the EU. Cheap food coming into the EU while these weak economies lower the value of the euro thus boosting German exports. A flood of cheap food wont help Irish agriculture.
For Spain the Euro is stronger than what they need to grow and develop and get out of this mess. For Germany and Holland and Finland, the Euro is too weak giving them a massive export boost.
When Portugal has its debt write off, the markets will come for Spain. At that stage it may be time to organize a some what orderly break of the currency zone.
When you have 40% youth unemployment, and no hope and the only demand is that you be good little Europeans and do what you are told by Brussels, then you have a scenario for social breakdown and revolution.
Tell them to send us our deficit bill as we pay every bodies bills whether we incur them or not
They should go to the Irish School Of Massaging Numbers and they could reduce that number by at least 10%.
Where Kevin Cardiff when you need him
The widely held view is that this number IS massaged and that unemployment in Spain is closer to 30%. That is a frightening number…in a way, it puts our situation in perspective.
It’s funny how the politicians in Europe are pushing for the federalist state. So many different economies, languages and cultures yet they think we can all be one happy family in one big country. Look at the breakup of Yugoslavia to see what our future could be.
And you think that Ireland’s unemployed rate is less than 30% The courses are a coverup. Compare the German way of calculating unemployment and the Irish and UK way and we massage the figures don’t tell the truth.
have your say