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Sunday, 28 October 2012

Unemployment in Spain shot up to a maximum of 30 years

Unemployment in Spain has broken another record, will set at around 25% in the III quarter of 2012., reports Reuters. Of the number of unemployed in the country was in the 1970's. and the dictatorship of Francisco Franco

In quantitative terms, the number of unemployed was 5.8 million. Analysts had forecast unemployment at 25.1%. In the previous quarter, this indicator stood at 24.6%.

Probably in the next year the number of unemployed will increase in connection with the program of savings and loans that Madrid requests from lenders for rehabilitation of the banking sector.

So time trade union leaders call for a large-scale organized November 14 strike in protest against the policy of the authorities, who, according to the protesters, do not do the necessary steps to overcome the crisis.

Note that in early October, a trading house experts Cortal Consors voiced forecast, according to which the unemployment rate in Spain III quarter of 2012 will reach 25%. The organization pointed out that by the end of the season without a left 4.7 million people. Most often cut workers hotels and restaurants catering to the tourism industry.

Meanwhile, earlier in October, the international rating agency Standard & Poor's downgraded Spain's sovereign debt rating by two notches - from BBB + to BBB-. The rating outlook is "negative." The reason for this decision is that the deepening recession, which reduces the room for maneuver for the government of Mariano Raho, and increase conflict between the central government and the regions because of rising unemployment and spending cuts. The agency has also negatively assessed vague policies of the European Union that its statements into question the possibility of restructuring the Spanish debt.

Note that Spain secured the attention of analysts on the background of the burst in the banking system crisis and the plight of regions. After the results of stress tests of Spanish banking experts expect decoupling 'Spanish question. " In particular, investors are interested in how soon the country will turn to partners in the euro zone for a full financial aid.

The unemployment problem is acute in the other EU countries. At the moment, ahead of Spain on this indicator only Greece. Unemployment there in July 2012. broke a new record, reaching 25.1%. The unemployment rate in Greece is more than twice the average unemployment rate in the euro area (11.4% as of July 2012).


Eurozone debt crisis gripped the southern countries the currency bloc in 2010. The first victim was Greece, the failed government bond market. Behind her the epidemic spread to the entire euro zone, podkashivaya least stable economies, including Ireland, Portugal and Spain. In the last financial system came under attack because of the need to save the banks. At the same time, a wave of cuts sovereign credit ratings agencies the confidence of the world, in addition to Greece, Ireland, Portugal and Spain, undermined by Italy, France and even the United States. Greece's national debt is now above 130% of GDP in 2013. he, according to some, may exceed 180% of GDP.

The power of a united Europe have long puzzled over the possible ways to rescue the major European debtors and the entire Eurozone. As a result, it was decided to provide a number of stabilization credits: first - Greece, then - Ireland and Portugal. Shortly into his pocket to the neighbors also plans to get into Spain, but proud of Italy from foreign loans so far refused, claiming that it can handle the crisis itself - through complex programs budgetary savings.

By the way, tough conditions for the provision of financial assistance by European lenders literally every week kicked to the streets unhappy Greeks, Spaniards and Italians. By the way, unemployment in these countries have already broken all records: without work was every fourth or fifth of the South of Europe. Another initiative of the European authorities to rescue the system was the creation of the stabilization fund - ESM, whose functions included providing financial help needy countries. Among the future projects - the establishment of the banking union, which could control all the banks in the Eurozone. However, while in the old way: the Greeks are on strike, the debts grow, authorities are looking for a cure, but the bottom of the crisis in sight. Well, the southern sun is still warm happy and gives serenity.

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