Spain unemployment now 5m (22.8%), Highest in industrialised world.

[JEMC]

Kynes said:

JEMC said:

***snip***

The situation isn't good, but if there were so many people unemployed, how come the arrearage rate(¿?) (the index that tells how many credits/mortgage/bills are not payed) is under 8%? Where do people get the money from?

An unpaid mortgage over 3-4% is outrageous, so an 8% as some banks have means a huge problem for that bank. People get help from their families, I know a married couple who have their parents pay the mortgage, as they can't pay it, and it's not an uncommon thing. Lots of 60-70 years old people are losing their houses, as they put them as a guaranty of their sons/daughters mortgages.

 

PS: Spanair (Second largest airline, 4000 workers) closed today, without notice. We are really near our limit here.

I know that the situation is not good, and that many people are loosing their houses, but still the number is lower than what you would expect with an unemployment as big as ours.

Spanair was on life support even when things were ok, that's why the original owners sold it to some fools. And that's why the same day or 1 day after the gov. has said that it won't give them more money, they are closing.