Unemployment in Spain surges to 24.4%

Unemployment in Spain surges to 24.4%

The INE (the Spanish Statistics Institute) has just released data showing that there are now some 5,639,500 people unemployed in Spain – a figure that is nothing short of disastrous.  Indeed, some 4,000 people a day lost their jobs in Spain during the first quarter of 2012.  A mind numbing figure. Indeed, with an unemployment rate in Spain of 24.4% [...]

Recession in Spain (again), by numbers

Recession in Spain (again), by numbers

So, Spain is formally back in recession, with the Spanish economy having lost ground in the last quarter of 2010 (by 0.3%) followed by a further loss (of 0.4%) during the first quarter of 2012.  This is, of course, very bad news – but was entirely predictable. Needless to say, what is less predictable is when Spain will emerge from [...]

Spanish property, the right time to buy?

Spanish property, the right time to buy?

Have you been thinking of buying a property in Spain or moving here but been put it off because you cannot understand the Spanish property market? Are you confused by what is happening and unsure whether to buy now or wait – or do you think that perhaps you may have lost the opportunity of buying your dream home in [...]

Spanish economy, a 'perfect storm' (with EU bailout likely)

Spanish economy, a ‘perfect storm’ (with EU bailout likely)

I am mildly surprised as to why anyone still seriously questions whether Spain will need a bailout from the EU. Why? Because the Spanish economy is in very, very deep trouble.  That may seem an obvious statement but I fear the sheer, almost unresolvable, structural problem of the economy in Spain is not fully understood by many people, despite it [...]

The Spanish economy and the budget in Spain

The Spanish economy and the budget in Spain

As expected, the draft budget in Spain announced on Friday has heralded further massive cuts to Spanish government spending.  Indeed, these cuts will amount to some 27 billion Euros, a figure that is as difficult to comprehend as the sheer size of the debt problem in Spain. So, what will these cuts hit? Well, virtually every aspect of the Spanish [...]

The Spanish economy and the budget in Spain

The Spanish economy and the budget in Spain

The Prime Minister of Spain (Mariano Rajoy) is due to deliver his first budget for Spain (on the 30th March 2012), despite being in power for over three months.  The delay has been for shameless political reasons, as Rajoy wanted to get the Regional elections in Andalusia out of the way before announcing his budget.  Clearly, this is because the [...]

Working in Spain and the new labour reforms

Working in Spain and the new labour reforms

Last weekend saw huge demonstrations in Spain against the labour reforms in Spain that the ruling PP (‘Conservative’ ) party have fast tracked through Spain’s legislature.  The protests were predictable, as furious private sector employees throughout the country saw their employment rights changed for the worse. In short, the changes are as follows: Before the new measures, if you were [...]

iVolve a Peseta! - The Peseta is Back!

iVolve a Peseta! – The Peseta is Back!

… at least for residents of Villamayor de Santiago, Cuenca. Probably better known for its famous Manchego cheese and links to Don Quijote, the small town is hitting the headlines due to an innovative economic scheme. Faced with slumping sales in the region, Luis Miguel Campayo, head of the local merchants’ association, came up with the novel idea in order [...]

Spanish conservatives win absolute majority in Spain’s national elections

Spanish conservatives win absolute majority in Spain’s national elections

So, as widely anticipated, the Spanish conservative party (the PP – Partido Popular) has won an overwhelming majority of seats in parliament after yesterday’s General Election in Spain.  Meanwhile, the Spanish socialist party (the PSOE – Partido Socialista Obrero Español) has been badly defeated and has finally been punished by the electorate for its gross negligence in mishandling the Spanish [...]

Spanish economy, meltdown?

Spanish economy, meltdown?

Unemployment in Spain is now close to the five million mark, according to the Institute for National Statistics in Spain – with some 21.5% of the Spanish population out of work!  This is terrible news and must come as the final death knell for the ruling socialist party in Spain (PSOE) who shortly face the electorate at the Spanish General [...]

Spanish bank scandal

Spanish bank scandal

Spain is being rocked, at the moment, by the news that the directors of various Spanish banks have taken huge compensation packages – despite relentlessly driving their own banks to the point of destruction.  To everyone’s amazement, some of these packages have been awarded by the directors, to themselves, just days before the Bank of Spain was forced to bail [...]

The Spanish economy, how bankrupt is Spain?

The Spanish economy, how bankrupt is Spain?

Finally, the first overt signs of what I have been writing about for some time are becoming apparent and they beg the question of: how bankrupt is Spain? Certainly, you cannot have missed yesterday’s BBC headline screaming ‘Pain in Spain – southern town left penniless by the boom and bust’.  This featured the small inland town of Moratalla in the [...]