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Spain’s Unemployment Rate Rises Full Percentage Point to Record 27.2%; Unemployment Tops 6.2 Million
April 25, 2013 0

Spain’s Unemployment Rate Rises Full Percentage Point to Record 27.2%; Unemployment Tops 6.2 Million

By News Desk

Spain’s Unemployment Rate Rises Full Percentage Point to Record 27.2%; Unemployment Tops 6.2 Million Spain’s budget deficits are out of control, home prices are still falling, GDP is down 2% annualized in the first quarter , production is down, the unemployment rate soared a full percentage point to 27.16%, and a record 6.2 million are out of work. Here are some stats from Spain’s National Statistics Office as noted in the Financial Times . Almost 240,000 people lost their jobs in the first three months of the year.

Spain’s GDP Contracts at 2% Annualized Rate in First Quarter
April 24, 2013 0

Spain’s GDP Contracts at 2% Annualized Rate in First Quarter

By News Desk

According to the Bank of Spain and as reported by Libre Mercado , Spain’s GDP Drops at 2% Annualized Rate in First Quarter The Spanish economy fell 0.5% in the first quarter and declined 2% year on year, according to economic bulletin of the Bank of Spain , which estimates a fall of 4.5% of employment in the same period, two tenths less than in the previous quarter. The monetary authority notes that Spain continued the "contraction pattern" of activity in the first quarter, although at a "more muted" than in the final last year, where the GDP contracted by 0.8 % quarterly rate.

Minister of Spain’s Housing Board Cites "Mortgage Scam, Illegal Evictions" Calls for Mortgage Debt Reduction
April 21, 2013 0

Minister of Spain’s Housing Board Cites "Mortgage Scam, Illegal Evictions" Calls for Mortgage Debt Reduction

By News Desk

The Minister of Public Works and Housing of the Government of Andalusia, Elena Cortes Jimenez, advocates a Reduction in Mortgage Debt for All Spanish Families . Here is a Mish-modified synopsis. Elena Cortes Jimenez, Minister of Public Works, claims eviction proceedings lead to further drying of mortgage lending, making it harder for young people to access home ownership