Spain's jobless level hits record 4.75 million

The number of those jobless in Spain rose steadily for the eight month in the row to hit a record of 4.75 million in March.

The total number of people filing for unemployment benefits rose by 38,769 with the most jobs lost. The jobless rate stood at 23.6% in February.  This has a greater effect on the youths of Spain. As unemployment figures release on Tuesday show that youth unemployment is running at 50%. Which is the highest rate in the European Union and it is expected to rise further this year. The government solution to ease the problem is reforms to the labour market such as cutting back on severance pay and restricting inflation-linked salary increases. The budget minister Cristobal Montoro presented the government 2012 budget to parliament. The package includes $36 billion worth of spending cuts and taxes increase

The number of those jobless in Spain rose steadily for the eight month in the row to hit a record of 4.75 million in March.

Spain says public debt will hit 79.8% of GDP in 2012

Spain's public debt will leap more than ten percentage points this year to 79.8%of GDP, Public debt will rise from 68.5% of GDP at the end of 2011 to 79.8%, a level which is still below the euro zone average of 90.4%.The European Union has set a limit for public debt of 60% of GDP.Spain's public debt ratio has grown without interruption since the first quarter of 2008 when, after nearly a decade of fast growth and budget surpluses, which trimmed the debt, it amounted to 35.8% of GDP. Spain’s economy causes tax revenues to drop even as spending on jobless benefits and other social spending shot up.