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In the month of August, Spanish unemployment rose 1.6% increasing 9.8% year on year. A total of 20.6% of the working population is now without work.
The gloom continues with little prospect of improvement in the short term. As these figures get worse there comes a point where inevitable civil unrest takes place.
Interesting comments here: http://www.cepr.org/PUBS/Bulletin/meets/496.htm
If Spain was running it’s own economy with the ability to devalue it’s currency, slash interest rates and make drastic changes in the labour market the decline could be halted. As it stands Spain simply has no choice but to take the medicine the remainder of Europe needs. Germany is booming and will soon require interest rates to rise to prevent over heating.
One size will never suit all. -
@logan wrote:
One size will never suit all.
Most people could see it and questioned it at the time of the EU’s conception. Most except those at the top of the EU chain drunk on power, pocketing enormous salaries/expenses and clutching a misguided vision.
While they continue with this madness unwilling to lose face or give up their feathered nest, the rest of Europe pays…..dearly.
Civil unrest won’t do it, what is needed is a full-blown revolution.
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@logan wrote:
Interesting comments here: http://www.cepr.org/PUBS/Bulletin/meets/496.htm.
Agreed, and as that article, written in the nineties, when unemployment stood at 24%, points out…
..if sustained growth requires currency depreciation, then it must be allowed to happen…
As you rightly say, not an option now, and it won’t be until/unless they pull out of the EMU, or the ECB decide Germany should take the strain instead. Fat chance methinks.
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Iano, What are you talking about?? “You have”.. what?
Read Charlies post and quote. My comment had nothing to do with your post!@charlie wrote:
@Claire wrote:
ERRR … has someone lost their way?? 😕
Mark, when you deleted the rogue post about baseball teams (or something like that) that Claire was referring to, you should do her the courtesy of qualifyiing her comment. It now looks like she is referring to iano’s post!
Charlie..Q.E.D.!!
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@Claire wrote:
Iano, What are you talking about?? “You have”.. what?
That’s the point. I don’t know what I’m talking about, and I have lost my way in trying to understand all things economic. 😮
Your comment, although not aimed at my post, was in fact fair and accurate!
4 months ago nobody would touch Spanish and Greek debt with a bargepole.
Last week, 4 billion euros worth of Spanish long term debt was snapped up, with half the Bonds being bought by foreigners. More bonds are being sold soon. Of course, this should all impact on Spanish employment prospects, with this extra capital being pumped in and the increasing confidence in the Spanish economic outlook.
Thing is, why? What’s happened, what’s changed in the past 4 months? Can’t just be Zap’s austerity measures can it?
Somebody please help, I’ve lost my way.
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