Today in Mish's daily report, there is an article that unemployment has

topped 20% in spain and I was wondering how the people without jobs in

spain survive.

I will be in and out all day as my stepfather passed away last night, so

I probably won't be able to respond right away, but I am curious.

http://globaleconomicanalysis.blogspot.com/2010/04/spanish-unemployment-rate-tops-20.html

====

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.

"I suspect employment will continue falling for most of the rest of this

year," said Ben May, an economist at Capital Economics Ltd. in London.

"Clearly it has knock-on implications for fiscal policy."

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.

The surge in unemployment is eroding support for Zapatero, who was

re-elected in 2008 on pledges of full employment.

--

Virgil Bierschwale

Vets Finding Vets <http://www.VetsFindingVets.org>

Keep America At Work <http://www.KeepAmericaAtWork.com>

--- StripMime Report -- processed MIME parts ---

multipart/alternative

text/plain (text body -- kept)

text/html

---

_______________________________________________

Post Messages to: ProFox@leafe.com

Subscription Maintenance: http://leafe.com/mailman/listinfo/profox

OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech

Searchable Archive: http://leafe.com/archives/search/profox

This message: http://leafe.com/archives/byMID/profox/4BDB02BB.4000206@ktc.com

** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.