MADRID (AP) — Spain and Germany say they are setting up a joint program to promote investment in small and medium enterprises in Spain in a bid to reduce the country's massive youth unemployment problem.
The move comes as Spain looks desperately for ways to stimulate growth after years of harsh debt reduction measures have contributed to keeping the country in recession.
Economy Minister Luis de Guindos and German Finance Minister Wolfgang Schaeuble said Monday details of the bilateral sponsorship plan would be presented before the end of the May. They said other countries could form part of the project in the future.
They spoke at a press conference in Loja in southern Spain.
Spain's jobless rate is a record 27.2 percent and for those aged under 25 it is 57 percent.