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Dire Unemployment in Spain, but No Disaster Yet

Posted on July 21, 2010 by Lila Wade
Killing time, walking along las ramblas in Barcelona. Photo: <a href="http://www.flickr.com/photos/rsanchezcrespo/2895444695//">Ramiro Sánchez-Crespo (flickr)</a>
Killing time, walking along las ramblas in Barcelona. Photo: Ramiro Sánchez-Crespo (flickr)

Spain's unemployment rate is alarmingly high — 20 percent over all and 40 percent among youth — sending the government scrambling to cut back on spending. The New York Times details these cuts here.

But an article in NuWire Investor says that there are enough positive economic indicators to suggest that Spain's economy isn't going to follow Greece down the rabbit hole. Namely, it's Spain's annual savings rate of 20 percent that will help pull Spaniards through the tough times.

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