Spain's jobless number nears 5m
Source: Agencies |
December 5, 2012, Wednesday
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Print Edition
THE number of people officially registered as unemployed in Spain has edged up toward 5 million as the country's recession shows few signs of abating and its struggling banks await crucial bailout cash.
Spain's Labor Ministry said yesterday that unemployment rose a monthly 74,296 in November, or 1.5 percent, to a record 4.9 million. The country's jobless rate is released separately and quarterly. It stood at 25 percent at the end of the third quarter, with the youth unemployment rate standing well above 50 percent.
The figures come a day after finance ministers from euro partners approved the release of 39.5 billion euros (US$51.6 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 rescue package earmarked for Spain's banks that is designed to ease the pressure on the Spanish government so it can concentrate on managing the national finances as well as those of the regions and avoid a full-blown sovereign bailout similar to those sought by Greece, Ireland and Portugal.
The 39.5 billion euro figure includes 37 billion euros in loans for four banks already nationalized by the Spanish government. The money is to begin arriving next week. Under the deal, Bankia will get 18 billion euros, Catalunya Caixa 9 billion euros , Novagalicia 5.5 billion euros and Valencia Bank 4.5 billion euros.
In return, the entities must reduce the size of their business by 60 percent, branch numbers by 50 percent, stop lending to real estate development and concentrate on retail loans and those to small and medium-sized firms in their base regions.
"The implementation of the program is on track," said Jean-Claude Juncker, the Luxembourg prime minister who now heads the eurogroup of finance ministers.
The ministers also approved 2.5 billion euros to help fund Sareb, Spain's recently set up bad bank.
Spain's Labor Ministry said yesterday that unemployment rose a monthly 74,296 in November, or 1.5 percent, to a record 4.9 million. The country's jobless rate is released separately and quarterly. It stood at 25 percent at the end of the third quarter, with the youth unemployment rate standing well above 50 percent.
The figures come a day after finance ministers from euro partners approved the release of 39.5 billion euros (US$51.6 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 rescue package earmarked for Spain's banks that is designed to ease the pressure on the Spanish government so it can concentrate on managing the national finances as well as those of the regions and avoid a full-blown sovereign bailout similar to those sought by Greece, Ireland and Portugal.
The 39.5 billion euro figure includes 37 billion euros in loans for four banks already nationalized by the Spanish government. The money is to begin arriving next week. Under the deal, Bankia will get 18 billion euros, Catalunya Caixa 9 billion euros , Novagalicia 5.5 billion euros and Valencia Bank 4.5 billion euros.
In return, the entities must reduce the size of their business by 60 percent, branch numbers by 50 percent, stop lending to real estate development and concentrate on retail loans and those to small and medium-sized firms in their base regions.
"The implementation of the program is on track," said Jean-Claude Juncker, the Luxembourg prime minister who now heads the eurogroup of finance ministers.
The ministers also approved 2.5 billion euros to help fund Sareb, Spain's recently set up bad bank.
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