Monday, December 14, 2009

Deep crisis of Spain Says capitalism - 19% unemployment. Collapse in housing market. Fewer than half of Spain?s 3.8 million unemployed are still receiving their contributions-based jobless pay, which lasts a maximum of two years. Another 1.2 million receive smaller subsidies, such as a 420 euro-a- month benefit introduced in August. Unemployment among people younger than 25, who account for 10 percent of the labor force, is more than 40 percent. Mortgages, consumer credit and other loans account for 77 percent of Spanish GDP, compared with 51 percent in the euro region and 55 percent in Germany. Spain was the fastest growing country in Europe.

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