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Spain's unemployment hits 25 percent

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Spain's unemployment hits 25 percent

By: Newstalk ZB staff | International News | Saturday April 28 2012 6:10

 

Unemployment has hit 25 percent in one of Europe's basket case economies.

Sky News reports Spain is already in dire straits, after a two notch credit downgrade.

Market strategist Jane Foley says the latest jobless figures don't help the situation.

"Unemployment is now at 18 month highs and in fact because Spain is Europe's fourth largest economy, it could soon be home to maybe around about a third of the whole of the euro area's unemployed, so this really is bad news."

Unemployment amongst young people in Spain is running at 50 percent.

Photo: NZ Herald

 

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