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Issue 691
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north EDITION roundtownnews.com
11 - 17 january 2013
PAGE
39
Spain’s record unemployment UNEMPLOMENT ACROSS the troubled Eurozone has hit a new high – with Spain having a record and “terrifying” 26.6% of people out of work. by Jack Troughton
Sean with Mother Superior
Joy bringer! SCHOOLBOY SEAN McConnachie has raised 6,000€ with his ‘Kids for Kids’ project, an idea born out of a lesson at the Laude Lady Elizabeth School and his wish to help other children. Read the full story on page 13.
Jobless figures across the 17-nation single currency are fast approaching the 19 million mark and the 11.8% rate was described as “shockingly bad”. This week the latest figures were released by Eurostat, the statistical office of the European Union, which reveal an increase in dole queues by two million people since November 2011. Spain remains mired in deep recession after a bust property balloon and saddled with bad debt in its banks – it has even a worse unemployment problem than bailed out Greece and 57% of under-25s in both countries are without a job. The situation has already triggered massive demonstrations against spending cuts and rising taxes – with tens of thousands marching in Madrid at the end of last year. Over 1.7 households have no income. More than 6.1 million people are now out of work in Spain as the economy has continued to leak jobs – Brussels believes the unemployment is now approaching its peak. BITE Both Eurozone and the wider European Un-
ion economies are struggling with recession as the crisis deepens and individual government measures to reduce sovereign debt levels bite. But rising unemployment and falling trading figures make it hard for governments to raise taxes to fund debt repayments. European Commission President Jose Manuel Barroso was upbeat this week saying the worst was over and the single currency was safe. He believes the turning point has been the ‘Draghi Plan’ – the promise of the European Central Bank to buy unlimited amounts of Eurozone members’ debts which has allowed countries – including Spain – to borrow cash more cheaply. However, economists believe things will continue to get worse and youth unemployment in Spain and Greece was described as “terrifying”. SHOCK Graeme Leach, chief economist of the UK’s Institute of Directors, whose members rely on demand for trading partners in the EU, said unemployment figures for November, the latest available, were “Shockingly bad.” Continued on page 3