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Spain crisis deepens with jobless rise, downgrade

Holy Spirit Truth Wrote: Apr 27, 2012 7:31 AM
"God so loved the world that he gave his only begotten son, that whosoever believeth in Him shall not perish , but have everlasting life." Thank you Jesus, Praise you Jesus!

The hole in Spain's economy is getting deeper.

The government reported Friday that unemployment rose to 24.4 percent in the first quarter _ compared with 22.9 percent in the fourth quarter _ and that more than half of Spaniards under 25 are now without jobs.

The bleak employment came one day after ratings agency Standard & Poor's downgraded the country's debt.

The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain's banks are in worse financial shape and the government's deficit is hitting worrisome levels.

The first-quarter employment data showed...

Related Tags: Debt Spain Debt Crisis