Saturday 21 January 2017

Spain unemployment nears 5 million

Published 04/12/2012 | 10:53

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.

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Spain's Labour Ministry said unemployment rose by 74,296 in November, or 1.5pc, to a record high of 4.9 million.

Spain's unemployment rate is released separately and quarterly. It stood at 25pc at the end of the third quarter.

The figures come a day after finance ministers from Spain's eurozone partners approved the release of €39.5bn in bailout aid for Spanish banks worst hit by the property market collapse in 2008.

The funds are part of a €100bn rescue package which has been earmarked for Spain's banks.

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