Another Jump in Spain’s Unemployment

24/7 Wall St.

Spain’s Ministry of Employment and Social Security released data showing that unemployment rose 2.7% in October, which translated into a jobless count of “4.833.521 personas.” If the figures are accurate, Spain’s unemployment rate continues to click ever higher above 25%. Spain cannot hold off on accepting a bailout from the European Union and International Monetary Fund, and it cannot wait any longer for help from the European Central Bank designed to bring down its borrowing costs. Further delay is nothing short of irresponsible.

Spain’s Economy Minister Luis de Guindos is in the midst of explaining his nation’s financial plans at the G-20 meeting in Mexico today. It is impossible for him to convince his counterparts that Spain has a viable way to escape a recession that approaches a five-year mark and threatens to become an outright depression. All he can say is that the central government will move ahead with austerity programs and…

View original post 251 more words


About macnmat

Foundation Engineers. Foundation & Piling Equipment & Tools. Utility.
This entry was posted in macnmat. Bookmark the permalink.