Spain is back in recession
It’s a tough job but somebody has to do it. Luis de Guindos arrives for his first day of work as Spain’s Economy Minister
Spain's new conservative government led by Mariano Rajoy is facing the old problem: heavy indebtedness leads to austerity measures which lead to slowing economic growth.
As reported in El Pais, Luis de Guindos, appointed last week by Rajoy as Economy Minister said yesterday, "Let nobody fool themselves; the next two quarters from the point of view of growth and from the point of view of employment are not going to be easy."
Unemployment for the third quarter of 2011 stood at 21.5 percent. It is expected to rise when the fourth quarter's figures are tabulated.
The article you just read is free because dedicated readers and listeners like you chose to support our nonprofit newsroom. Our team works tirelessly to ensure you hear the latest in international, human-centered reporting every weekday. But our work would not be possible without you. We need your help.
Make a gift today to help us reach our $25,000 goal and keep The World going strong. Every gift will get us one step closer.