Spain announced Friday its jobless rate surged to a 13-year record above 20 percent at the end of 2010, the highest level in the industrialized world, as the economy struggled for air.
It was more bad news for an economy fighting to regain the trust of financial markets and avoid being trapped in a debt quagmire that has engulfed Greece and Ireland and now menaces Portugal.
Another 121,900 people joined Spain's unemployment queues in the final quarter of the year, pushing the total to 4.697 million people, said the national statistics institute INE.
The resulting unemployment rate was 20.33 percent for the end of the year -- easily exceeding Prime Minister Jose Luis Rodriguez Zapatero's target of 19.4 percent.
Spain appears to be stuck in a rut of staggeringly high levels of unemployment.
Guy Benson is Townhall.com's Political Editor. Follow him on Twitter @guypbenson. He is co-authors with Mary Katharine Ham for their new book End of Discussion: How the Left's Outrage Industry Shuts Down Debate, Manipulates Voters, and Makes America Less Free (and Fun).
Author Photo credit: Jensen Sutta Photography
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