Spain jobless rate hits new high
Spain’s unemployment rate has hit a 15-year-high for the month of November, weeks before the country’s newly elected Popular Party takes power.
The recent figures put the number of jobless Spaniards at 4.4 million for November, AFP reported.
Spain’s official unemployment rate is now just over 21.5 percent, the highest rate since 1996.
Last month, the conservative Popular Party headed by Mariano Rajoy won a parliamentary election, defeating the Socialists led by Prime Minister Rodrigues Zapatero.
Rajoy has vowed to implement cuts in all areas except pensions in order to reduce the budget deficit.
Many Spaniards blame the government for their hardships, stressing that authorities have failed to properly address the country’s economic situation.
The worsening eurozone debt crisis has raised Spain’s financing costs and created fears that the European country might have to seek an EU bailout similar to Greece.
There are fears that more delays in resolving the eurozone debt crisis could push not only Europe but also much of the rest of the developed world back into recession.
Source: presstv.com
