The worst is over???
This (total) collapse has really only just begun.
- Spain youth unemployment reaches record 56.1% (Guardian, Aug 30, 2013):
Number of young Spaniards belonging to ‘lost generation’ is up 2% since June, despite government claims that the worst is over
Youth unemployment in Spain has reached a new high of 56.1%, a quarter of the 3.5 million under-25s jobless across the eurozone, according to the latest Eurostat figures.
The number of young Spaniards belonging to what has become known as the lost generation is up 2% since June to 883,000. Only Greece has a higher percentage of young people out of work, at 62.9%.
Among adult males, Spain has the highest unemployment at 25.3%, higher even than Greece. Despite the government’s claims that the worst has passed and that employment reforms will encourage firms to hire, the figures suggest it will be a long time before any upturn in the economy is reflected in a declining jobless rate. With the holiday season coming to a close, the numbers are likely to rise as workers on seasonal contracts go back on the dole.