Tuesday, December 4th 2012 - 18:42 UTC

Spain’s jobless almost 5 million and no prospects of a rebound in near future

Spain's jobless grew to a new record in November, official data showed Tuesday. The number of people registered as unemployed grew by 74.296 or 1.5% to 4.91 million in November from the previous month, the Labour Ministry said on Tuesday.

President Rajoy trying to be optimistic

The figure was up 11% from a year earlier. It was the highest number of job seekers recorded in Spain since existing records began in 1996.

The Euro zone's fourth largest economy has been shrinking for 15 months and the government is expecting the recession to carry on throughout 2013 before releasing its grip in 2014.

A broader, quarterly household survey by the National Statistics Institute provides the official unemployment rate, which hit 25% in the third quarter for the first time in modern Spanish history.

President Mariano Rajoy's conservative government is forecasting an end-2012 unemployment rate of 24.6% with a decline to 23.3% in 2013.

But the growing queue of job seekers makes that forecast look increasingly optimistic, especially as the government raises taxes and slashes spending to curb the public deficit.

A Bank of Spain report last week said scarce available data pointed to shrinking economic output in the final months of 2012, noting further “intense falls” in construction investment.

In Spain the government is anticipating an economic slump of 1.5% this year. Its forecast of a 0.5% contraction in 2013 is widely viewed as highly optimistic, however. The European Commission, for example, saying it expects Spanish output to tumble 1.4% next year.

On Monday Spain formally requested the disbursement of 39.5 billion Euros of European funds to recapitalize the crippled banking sector. The money for the four nationalized banks, Bankea, Catalunya Banc, NCG Banco and Banco de Valencia and 2.5 billion euros for the so-called “bad bank” should be paid to the state's banking fund FROB around December 12, it added.

16 comments Feed

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1 Condorito (#) Dec 04th, 2012 - 06:57 pm Report abuse
You useless f**kin coños.

You are the single biggest risk to the global economy.
Get your act together. Accept the facts, you are now in the 3rd world, so start working like your new status merits.
2 briton (#) Dec 04th, 2012 - 07:36 pm Report abuse
spain deserves what it gets,
leave gibralter alone and soddy offy.
3 ChrisR (#) Dec 04th, 2012 - 07:42 pm Report abuse
@1 Condorito

But, but, they are SPAIN!

How the mighty land bubble burst, mainly due to the crooks in the local government in concert with crooked lawyers, laying waste to the money of expats of all varieties.

This was done by selling them land for building which was zoned 'green' and could not be built on. Of course when the expats built their dream homes on the site they were (after a legal fight) bulldozed into the ground.

38,000 of them have been caught in this. It is estimated that 15 years is required to run through all the legal twists and turns before they will get judgement. Many will never live to see that come about. Even when judgement is made in their favour and a court order obtained to receive reparations there will probably be no money to pay them.

And then people asked us why we were going to Uruguay and not Spain.
4 Britworker (#) Dec 04th, 2012 - 07:44 pm Report abuse
Yes I'm afraid any sympathy I may have had has been completely removed by their bullying of the Gibraltarians. Stuff them and I hope they bring the Euro crashing down with them.
5 briton (#) Dec 04th, 2012 - 07:53 pm Report abuse
6 Condorito (#) Dec 04th, 2012 - 08:28 pm Report abuse
You dodged a bullet there.

The problem is that if the Euro crashes we are all in for a rough time.
7 andy65 (#) Dec 04th, 2012 - 08:30 pm Report abuse
While Gibraltar and The Falkland Islands go from strengh to strengh
8 briton (#) Dec 04th, 2012 - 08:36 pm Report abuse
6, you may be correct, but as we in deep fry right now, it will make little difference,
But our trade would pick up,
The commonwealth would be happy for British trade,
And Europe can go west. politely.

Europe will destroy everything british.
9 ChrisR (#) Dec 04th, 2012 - 09:33 pm Report abuse
8 briton

“Europe will destroy everything British.”

We are very close to that at present, but 'call me Dave' and his bitch Clegg do not want us to know that.

As for the referendum: very little chance indeed.
10 Ayayay (#) Dec 05th, 2012 - 01:55 am Report abuse
Meanwhile, the U.S. West Coast private enterprise choo-choo is setting records.
11 briton (#) Dec 05th, 2012 - 12:49 pm Report abuse
9 chrisR

sooner or later camaron will be forced to give, or be kicked out,
as it stands he has no chance of re-election,

and his side kick clegg will send the libdems into melt down.

we want out of Europe,
its a shame in the last decades we have been saddled with fools idiots and yes men, what have we done to deserve fools like them,..
12 aussie sunshine (#) Dec 05th, 2012 - 01:18 pm Report abuse
unemployment is world wide not just in Spain. I have recently been to London and I have never seen so many homeless people on the streets like now..and especially young people. And I honestly do wish that The UK gets out of the EU I have had enough winching from you lot!!
13 ChrisR (#) Dec 05th, 2012 - 04:59 pm Report abuse
12 aussie sunshine

Yeah, of course you did.

And, you argie prat, it's whingeing!

Winching is something you use a winch for, like winching you up by your neck until you are dead!

Peace. :o)
14 briton (#) Dec 05th, 2012 - 07:02 pm Report abuse
ha ha .
15 aussie sunshine (#) Dec 06th, 2012 - 12:46 am Report abuse
*13 In my books its WINCHING.What ever you want to call it its up to you!!
Not everybody speaks your kind of English....I speak mine.
16 ChrisR (#) Dec 06th, 2012 - 10:00 am Report abuse
15 aussie raincloud
A winch is a mechanical device that is used to pull in (wind up) or let out (wind out) or otherwise adjust the “tension” of a rope or wire rope (also called “cable” or “wire cable”). In its simplest form it consists of a spool and attached hand crank. In larger forms, winches stand at the heart of machines as diverse as tow trucks, steam shovels and elevators. The spool can also be called the winch drum. More elaborate designs have gear assemblies and can be powered by electric, hydraulic, pneumatic or internal combustion drives. Some may include a solenoid brake and/or a mechanical brake or ratchet and pawl device that prevents it from unwinding unless the pawl is retracted.

Whinge (Read more: www.answers.com/topic/whinge#ixzz2EGPtB5rj)
intr.v. Chiefly British, whinged, whing•ing, whing•es.
To complain or protest, especially in an annoying or persistent manner.

More than two hundred years ago 'winching' was used as WINCE. It has not been in common use since around that time.

An example: “your lack of intellect make me wince”.

BTW My kind of English originates from England, not some mongrelised Spanish, Italian and German shithole of a ‘nation’. Yes, you are in Australia, mi culo.

Try the Oxford Pocket Dictionary if you can get it in the paradise formed by TMBOA.

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