Spain unemployment nears 5 million
Published 04/12/2012 | 10:14
The number of people registered as unemployed in Spain is edging toward five million as the country's recession shows few signs of abating and its banks struggle to deal with a property market crash.
Spain's Labour Ministry said unemployment rose by 74,296 in November, or 1.5%, to a record high of 4.9 million.
Spain's unemployment rate is released separately and quarterly. It stood at 25% at the end of the third quarter.
The figures come a day after finance ministers from Spain's eurozone partners approved the release of 39.5 billion euro (£32.1 billion) in bailout aid for Spanish banks worst hit by the property market collapse in 2008.
The funds are part of a 100 billion euro (£81.2 billion) rescue package which has been earmarked for Spain's banks.
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