Last year, the government chopped public spending by 7.9% and hopes are the economy will grow in 2012 by 2.3% and unemployment decline to 18.5%. Mucho jobless Unemployment is 22%, or roughly four million Spaniards. In Madrid’s Puerta del Sol square is the remnants of the large sleeping-bag protests that were scattered across the country. A couple of weeks ago, the “Spanish Spring” involved hundreds of thousands of “indignados” (indignants), or students, unionists and impoverished, who staged protests in Madrid, Barcelona and elsewhere. Signs of pain and protest are few and far between. Spain and Italy are simply too big to fail. The Spanish business attitude, mocking or machismo, underlines worries about Spain’s economy, which is as big as Canada, Russia or India. This advertisement has not loaded yet, but your article continues below. Last week, the International Monetary Fund warned Spain to undertake more financial and banking reforms, and spending cuts, in order to allay market fears about woes. He also said that apartment and house prices have remained level - almost double Germany’s - despite Spain’s unemployment, low economic growth and dramatically lower wages than Germany’s.īanco collapso What makes sense is that, obviously, the Spanish are still able to indirectly bail out their banks so they do not foreclose or write off non-performing mortgages. A German-born retailer I spoke with maintained that many Spanish seek employment, but there are jobs. Spain seems to be managing its downside cunningly. The next issue of Financial Post Top Stories will soon be in your inbox. If you don't see it, please check your junk folder.
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