http://www.thecommentator.com/article/2408/euro_turning_greece_and_spain_into_failed_states
IS THIS COMING TO THE US?….RSK
Jobless rates in Spain and Greece have reached staggering proportions. And as long as these countries retain the euro, the prospects of recovery are slim
arely had European Commission President Jose Manuel Barroso declared yesterday that the worst of the eurozone crisis was behind us than the European statistical office, Eurostat, released the kind of unemployment data that could make your hair stand up on end.
Greece and Spain, the figures showed, now have jobless rates of 26 and 26.6 percent respectively.
The more you look into it the worse it gets. Since November 2011, the Spanish unemployment rate has risen by 3.6 percentage points while Greece’s unemployment rate has soared by 7.1 percentage points.
The trend, in other words, is emphatically upwards. Few could be surprised if either or both of these countries passed the 30 percent mark by the end of this year.
Delving deeper, it gets worse still. Youth unemployment in Greece is a jaw dropping 57.6 percent. In Spain it’s 56.5 percent. Again the trend is sharply up. In November of 2011, Greek youth unemployment was 50.3 percent. In Spain, it was 48.8 percent.