Little Relief in Bank Bailout for Spain's Jobless

June 11, 2012 from Euronews

The EU bailout of Spain's banks may have brought some relief to Madrid and eurozone leaders, but for those struggling to find work in the country the outlook remains grim. At more than 24 percent Spain's unemployment rate is the highest in the eurozone and there is little sign of an improvement anytime soon. One man queuing at a benefits office in Madrid evoked the impact of the crisis on many of Spain's jobseekers. "I'm not optimistic. Every day I see it getting worse. I'm unemployed, with two children, separated (from my wife), I can't pay them maintenance pension. I'm partially disabled and the companies exploit us very badly." The government is pushing ahead with cutbacks and reforms that some fear will only worsen the situation, reflecting a wider austerity versus stimulus debate across Europe.

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Spain

Spain, officially the Kingdom of Spain, is a sovereign state and a member of the European Union . It is located on the Iberian Peninsula in southwestern Europe. Its mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibral... Explore this topic

2008-2013 Spanish financial crisis

The 2008–2013 Spanish financial crisis began as part of the world Late-2000s financial crisis and continued as part of the European sovereign debt crisis, which has affected primarily the southern European states and Ireland. In Spain, the crisis was generated by long-term loa... Explore this topic

European sovereign debt crisis

The European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. In 1992, members of the European Union signed th... Explore this topic

Unemployment

Unemployment occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor forc... Explore this topic

Economy of Spain

The economy of Spain is the twelfth-largest economy in the world, based on nominal GDP comparisons, and the fifth-largest in Europe. It is regarded as the world's 23th most developed country. Until 2008 the economy of Spain had been regarded as one of the most dynamic within t... Explore this topic

Bailout

A bailout is a colloquial pejorative term for giving a loan to a company or country which faces serious financial difficulty or bankruptcy. It may also be used to allow a failing entity to fail gracefully without spreading contagion. The term is maritime in origin being the ac... Explore this topic

Eurozone

The eurozone, officially called the euro area, is an economic and monetary union of 17 European Union member states that have adopted the euro as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France,... Explore this topic

European Union

الاتحاد الأوروبي هو جمعية دولية للدول الأوروبية يضم 27 دولة، تأسس بناء على اتفاقية معروفة باسم معاهدة ماسترخت الموقعة عام 1992 م، ولكن العديد من أفكاره موجودة منذ خمسينات القرن الماضي. من أهم مبادئ الاتحاد الأوروبي نقل صلاحيات الدول القومية إلى المؤسسات الدولية الأوروبية. لكن ... Explore this topic

Recession

In economics, a recession is a business cycle contraction, a general slowdown in economic activity. Macroeconomic indicators such as GDP, employment, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the u... Explore this topic

Politics of Spain

The politics of Spain take place under the framework established by the constitution of 1978. Spain is established as a social and democratic State, wherein the national sovereignty is vested in the Spanish People, from which the powers of the State emanate. The political form... Explore this topic

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Spain

2008-2013 Spanish financial crisis

European sovereign debt crisis

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