Well, 'other people's money' is finished. sincerely yours, Other People
Posted on 04/30/2010 6:23:27 AM PDT by blam
Spain's Unemployment Rate Hits 20%, Debt Rollover Risk Mounts
Mike "Mish" Shedlock
Apr. 30, 2010, 5:21 AM
The economic picture in Spain is grim. Spanish Unemployment rose from 18.8% to 20.1%, union work rules helped wreck the economy, and Spain must shrink its deficit according to EU rules.
Spain’s unemployment rate rose above 20 percent for the first time in more than a decade, undermining Prime Minister Jose Luis Rodriguez Zapatero’s fight to cut the euro region’s third-largest budget deficit.
Spanish borrowing costs have surged in the past two weeks on concern the state will struggle to rein in the deficit. Standard & Poor’s cut the country’s credit rating on April 28, saying the government was underestimating its fiscal problems and overestimating growth prospects. Adding to public spending, Zapatero has extended benefits for the long-term unemployed...
Spain’s budget deficit was the third-largest in the euro region last year, at 11.2 percent of gross domestic product. S&P said it expects the shortfall to remain above 5 percent in 2013, the year the government has pledged to cut it to the EU’s 3 percent limit.
Spain has some of the highest firing costs for open-ended contracts in Europe, according to the World Bank’s Doing Business Index, while around a quarter of the country’s workers have temporary contracts. The Bank of Spain says a labor-market overhaul is “urgent” as high unemployment poses a risk to banks and the Socialist government has pledged to change labor legislation after talks with unions and employers.
[snip]
(Excerpt) Read more at businessinsider.com ...
Well, 'other people's money' is finished. sincerely yours, Other People
Military is useless as well. The warriors are brave and honorable, but they put know-nothings in charge of it.
Spain 2010 = California 2012 = USA 2014
Quote...
[”The base of investors willing to invest in the bonds of Spain and other distressed European countries is dwindling. Mohamed El-Erian, the chief executive of Pimco, one of the world’s largest bond investors, has said publicly that Pimco is no longer a buyer of Greek debt. Other Pimco executives have also said they have a negative view of the debt in countries on Europe’s periphery.
Given the losses that European investors have taken on Greek, Spanish and Portuguese bonds in recent months, it seems doubtful that such investors can be relied on to provide the capital these countries need.
If it takes $120-$300 billion to bail out Greece over three years, what would it take to bailout Spain?]
Unquote.
They deserve it.
They suck up to the muslims.
Muslims??
i.e. they caved to terrorist’s demands.
What do you expect when you have Mr. Bean running your country?
Wow! One fifth of the working-age population is unemployed! That is a lot.
What did you expect? The Spaniards put a bunch of Socialists in charge after Madrid bombings.
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