Jobless numbers in Spain
Posted Apr 27, 2012 6:47 am.
This article is more than 5 years old.
It’s being called a crisis of huge proportions for the eurozone economy.
The unemployment rate in Spain has reached near record levels, rising in the first quarter to 24.5 per cent; that’s just below the record reached in March of 1994.
Credit rating agencies responding to the news with Standard and Poor’s lowering its rating by two notches to just three levels above junkbond status.
Spain is now the focal point for the eurozone debt crisis.
The economy minister has so far ruled out seeking a bailout even as bond yields climb signalling investor nervousness about the nation’s ability to pay its bills similar to previous scenarios in Ireland, Portugal and Greece.
The Spanish government says it will continue with austerity measures even as the economy slips into recession.
