facebook
twitter
rss
account
search
search
 

Spanish unemployment hits 25 percent

Oct. 26, 2012 at 1:14 PM   |   Comments

MADRID, Oct. 26 (UPI) -- Unemployment rose in Spain in the third quarter, hitting a record 25 percent, up from 24.6 percent in the second quarter, the government said Friday.

The National Statistics Institute said the unemployment rate was 52 percent in the 16-24 age group, the BBC reported.

With Spain on the brink of asking for financial assistance from the international community, the unemployment rate will have serious cross-border ramifications, observers say.

Confidence in the Spanish economy allows the government to take part in the open bond market, a system in which it borrows from investors to pay its bills, but if confidence falls demand for Spanish bonds will also drop, which means its borrowing costs will rise.

In turn, that could force Madrid to signal that it is ready to apply for help from other eurozone members that have already set aside $130 billion to help Spain keep its troubled banking sector afloat.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Scotland was tricked, 'yes' backers say Scotland was tricked, 'yes' backers say
2
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
3
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
4
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback