1/3 of unemployed in eurozone are from Spain

Fears for Spain’s ‘imploding’ economy grew yesterday as figures revealed that one in four people in the country are out of work.

The figure – 24.4 per cent – is so high it means that one jobless person in three inside the eurozone is Spanish.

Unemployment in the country now tops 5.6million – its highest jobless rate in almost two decades.

More than half of its young people are out of work, the figures released yesterday also showed.

Spain is expected to be declared in recession within days, for the second time since 2009.

Yesterday’s figures emerged hours after the country was downgraded by ratings agency Standard & Poor’s.

Fears are growing that the eurozone crisis could erupt again prompted by the problems in its fourth largest economy.

Spain’s government yesterday admitted it was ‘facing a crisis of huge proportions’ as the nation was rocked by economic woe.

‘The figures are terrible for everyone and terrible for the government,’ said the country’s foreign affairs minister Jose Manuel Garcia-Margallo…

via Spain economy: Crisis deepens as 1/3 of unemployed in eurozone are Spanish | Mail Online.

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