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mattyfc

Spanish Unemployment Nears 5 Million

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http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=es&tl=en&u=http%3A%2F%2Fwww.cotizalia.com%2Fnoticias%2F2011%2Fnumero-parados-cinco-millones-escala-desde-20110429-68013.html&act=url

Unemployment is now 4,910,200, 21,29%. 256,500 Jobs lost in 3 months. Total employment is now 18,151,700. These figures are not seasonally adjusted y/y the unenmployment increase is 297,400. With PC City closing, Telefonica slashing jobs things and a strong € for tourism I can't see much good news.

These figures are from before Interest rates were raised at the beginning of April which will not have helped that's for sure!

As shown here the effect of the IR increase on the 90% of Spanish home owners with variable rate mortgages

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=es&tl=en&u=http%3A%2F%2Fwww.cotizalia.com%2Fnoticias%2F2011%2Fnumero-parados-cinco-millones-escala-desde-20110429-68013.html&act=url

Mortgage arrears also increasing

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=es&tl=en&u=http%3A%2F%2Fwww.cotizalia.com%2Fnoticias%2F2011%2Fnumero-parados-cinco-millones-escala-desde-20110429-68013.html&act=url

Meanwhile the ECB and Eurocrats do nothing to help, put out statements about how everything will be ok. Looks real bad to me. Not sure how Exports are meant to help either since they consist of only 9-10% of the economy, with a strong € and the large increase in the price of oil, the trade balance actually got worse in January / February.

EDIT

Forgot the retail sales data:

Spain Adjusted Real Retail Sales (Mar) Y/Y -8.6% vs. Exp. -4.9% (Prev. -4.5%)

http://ransquawk.com/headlines/135634

Only near double forecasts!

Edited by mattyfc

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Don't worry all the tax they are going to collect from those in the UK who rent their property is going to save Spain.

Plus it appears a large proportion of those unemployed are actually working in the black economy and once these people become officially working just watch that unemployment figure collapse down to near zero......

Spain is fast approaching bailout time.

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These figures rather nail the lie that many in the mainstream media have been pushing that the Spanish economy is fine and will be okay do they not? I have just seen these put in terms of the misery index as inflation is higher too in Spain.

The unemployment rate has risen from 20.3% to 21.3%. As we digest the rise please do not forget the very high base it starts from and there are now 4,910,200 unemployed Spaniards. Just to add to the pain March retail sales fell by 8.5% on an annualised basis and whilst monthly figures are unreliable a fall on this scale is significant. Again with a theme of the day being the misery index we see Spanish consumer inflation rising to 3.5% so the misery index is now 24.8%. Is there a higher reading in a major economy?

Due to a past incident in the UK today was regarded as a day to “bury bad news” as attention would be elsewhere. Well Spain seems to have grabbed that baton…..

http://t.co/dSGwNA1

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I can't understand how the ECB dares puts rates up. Don't they realise the whole edifice is teetering on the brink of a very steep cliff and that the Germans will suffer along with the rest of Europe when it all goes kapow. :blink:

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I can't understand how the ECB dares puts rates up. Don't they realise the whole edifice is teetering on the brink of a very steep cliff and that the Germans will suffer along with the rest of Europe when it all goes kapow. :blink:

But you see your assuming we are in a globalised economy where everything is interlinked. Luckily this isn't the case... :ph34r:

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Don't worry all the tax they are going to collect from those in the UK who rent their property is going to save Spain.

Plus it appears a large proportion of those unemployed are actually working in the black economy and once these people become officially working just watch that unemployment figure collapse down to near zero......

Spain is fast approaching bailout time.

You're right - of course. Spain will be next and taxation aint gonna save it.

There's one mighty crash building up. LIke a pressure pot with no valve.

Will the Euro survive for a couple more years?

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As far as I can see (f***ing Royal wedding's making the BBC site very slow) the Euro's up on the news. Has the world gone mad or is it just me?

Not you mate...the World's gone *****ing mad.

What is this obsession with this one family? I see the celebs have been called in to keep the chavs in an orgasmic state.

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Greek retail sales also down 10.6% y/y for Feb.

(http://www.xe.com/news/2011/04/29/1867481.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art13)

Not sure how long everyone is going to ignore the obvious problems staring them in the face.

Austerity in an economy already suffering a debt crisis with no means of adjustment will destroy the economy.

The policy mix for Spain is pure poison. Massive austerity, rising oil prices , a strong currency and rising Interest rates. Expecting more bad news for the foreseeable future . The Spanish government should be asking for help, instead they are living in blind hope of some improvement refusing to admit there is a problem.

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Greek retail sales also down 10.6% y/y for Feb.

(http://www.xe.com/ne...=News_RSS_Art13)

Not sure how long everyone is going to ignore the obvious problems staring them in the face.

Austerity in an economy already suffering a debt crisis with no means of adjustment will destroy the economy.

The policy mix for Spain is pure poison. Massive austerity, rising oil prices , a strong currency and rising Interest rates. Expecting more bad news for the foreseeable future . The Spanish government should be asking for help, instead they are living in blind hope of some improvement refusing to admit there is a problem.

Nice one - good find.

Oh well, back to what really matters.

Cann't wait to see that dress. I bet it gonna be gorgeous.

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Gold is hitting new records today, so someone is taking note.

Also Greek and Spanish 10 year bond yields bounced off new highs today. It the case of Greek bonds that was just over 16%!!!

They are sleep walking into default. The daft thing is they could have defaulted months ago, handed the pain back to the risk takers rather than their own tax payers, and if Iceland is anything to go on they could have been on the way back by now.

The bonus could have been a more contrite Germany when they realised that their mircle economy was based on another money go round...

Edited by FTBagain

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...went there not long ago 35 euros per week to rent a nice car....75 euros for the fuel, full tank leave empty..... did lots of sight seeing.....why waste what you have already paid for? ;)

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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