Spanish record: 5 million unemployed
With the highest unemployment rate since 1996 and 1,4 million households where no one works, Spain is seeing its squares occupied by "indignados" (outraged protesters) and its banks, such as Santander, downgraded.
247 – In 2004, when he came to power in Spain, the socialist José Luis Zapatero chose unemployment as his number one public enemy. Today, seven years later, his performance is dismal. The number of unemployed in Spain has risen from 2,3 million to 5 million, and the unemployment rate, at 21,5% (and almost 40% among young people), is the highest since 1996.
With an anemic economy, Spain was downgraded by all the major credit rating agencies during the Zapatero era: Moody's, Fitch, and S&P. This downgrade also affected major Spanish banks, such as Santander, which has a strong presence in Brazil, due to the deteriorating credit situation in Spain.
The social crisis has also made Madrid the capital of the "indignados" (outraged). It was there that the 15-M movement emerged, occupying squares in various Spanish cities in protest for better living conditions and more opportunities. In Spain, there are 1,4 million households where no one works. It is a disheartening situation that could generate unpredictable social consequences.