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Realistbear

Spain: Jobless Rate Up 2.9% In August From July

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article

MADRID (Thomson Financial) - The number of jobless rose by 57,958, or 2.9 pct, in August from July, the Spanish labour ministry said.
The total number of jobless reached 2.028 mln in August, the ministry added

The poor old Spanish. They didn't ask for a miracle economy which was foisted on them by greedy Brits and Irish anxious for a place in the sun even though it meant pricing out the locals. I bet the average Spaniard is looking forward to a mighty crash to rid their country of Brown-style miracles, overwhelming debt, and all the other social diseases that followed on.

Poor buggers are ranked in the top three along with us and the US for overall debt (World Bank data).

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article
MADRID (Thomson Financial) - The number of jobless rose by 57,958, or 2.9 pct, in August from July, the Spanish labour ministry said.
The total number of jobless reached 2.028 mln in August, the ministry added

The poor old Spanish. They didn't ask for a miracle economy which was foisted on them by greedy Brits and Irish anxious for a place in the sun even though it meant pricing out the locals. I bet the average Spaniard is looking forward to a mighty crash to rid their country of Brown-style miracles, overwhelming debt, and all the other social diseases that followed on.

Poor buggers are ranked in the top three along with us and the US for overall debt (World Bank data).

you are right RB. on the Spanish HPC Forum they are praying for the crash.

and the news you report here is the biggest hit. ;)

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article
MADRID (Thomson Financial) - The number of jobless rose by 57,958, or 2.9 pct, in August from July, the Spanish labour ministry said.
The total number of jobless reached 2.028 mln in August, the ministry added

The poor old Spanish. They didn't ask for a miracle economy which was foisted on them by greedy Brits and Irish anxious for a place in the sun even though it meant pricing out the locals. I bet the average Spaniard is looking forward to a mighty crash to rid their country of Brown-style miracles, overwhelming debt, and all the other social diseases that followed on.

Poor buggers are ranked in the top three along with us and the US for overall debt (World Bank data).

While lots of people in the major cities may be hoping for a crash, I donĀ“t agree entirely with the UK miracle economy being forced upon the Spanish and there are couple of areas of divergence from the Uk.

Firstly, there have been plenty of Spanish 'flippers' just like in the UK, who have been extremely happy to flip their overpriced properties to the Northern Europeans, and some people including estate agents, notaries and lawyers have become extremely wealthly on the back of this.

Secondly, there are plently of 'Juan come latelys' who thought property was a one way bet, like the story I heard about a bloke who got a 110% mortgage WITHOUT having a job in order to try and flip property, and will be going bankrupt fairly shortly.

Thirdly, lots of Spaniards live in protected properties, whereby although the home is private, it has been bought with state assisted finance and there is a ceiling price for which these properties can be sold. It's mainly the Costas and the enormous speculative new suburbs around Madrid, Barcelona and Valencia that will be affected by the downturn.

Fourthly, because of the way the extended family operates, again outside the major cities and the Costas, young people a fairly wide source of relatives to tap up for any deposits.

And finally, while the Spanish won't shed any tears for any out of work estate agents, most of the workers invoved in construction are non-Spanish and without the social security net, will look to other areas in Europe for work, perhaps where there is a more generous social security system!

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