Greece debt crisis: Lack of jobs mars the bright outlook in Spain
Bond yields have been rising and equity markets falling in recent weeks, but it is the longer-term issues that worry most Spaniards
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A common refrain in Madrid is that “Spain is not Greece”, meaning it is wrong to approximate Spain’s economic troubles with those of Greece in recent years. And it is a fair point. Spain is one of the fastest growing economies in the eurozone, while other indicators suggest that, albeit slowly, the Spanish economy is emerging from the credit crisis.
Spain does have its problems, however. Bond yields have been rising and equity markets falling in recent weeks, but it is the longer-term issues that worry most Spaniards. Despite impressive economic data suggesting that the worst is over, unemployment is still at 24 per cent, and new jobs that are being created tend to be lower paid and less secure. More worryingly, youth unemployment is up at almost 50 per cent, and that is leading to the inevitable brain drain of talented youngsters.
Data released on 29 June showed that the population fell for the third consecutive year last year, with nearly 79,000 moving abroad, double the number five years ago when 40,157 left. The most popular destinations are the UK, France and Germany, suggesting on the whole that these are economic migrants.
Worryingly, those leaving are not being offset by new immigrants and the population is shrinking.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments