Spains Debt Problems
by admin on 20/04/09 at 6:56 am
There are conflicting news stories regarding where Spain sits in the current economy. Some experts are viewing economic data that shows Spain is at least stabilising its economy, and that the worst is over. In the first quarter Spain saw a rise in debt. In fact it tripled.
There are a number of companies and individuals who are filing for insolvencies like bankruptcy. There are also numerous repossessions occurring. Experts are hoping that there will be court protection for those who must file for insolvency since the numbers are up from 2008. Unfortunately cash reserves are low and credit is still scarce.
The outlook for jobs is not very favourable either. While companies like Ofertas de Trabajo Santander have many positions listed on their sites the salaries are low and there are just too many individuals looking for work. The site does offer job advice which could help struggling families search and land jobs. Unfortunately the fast growth Spain was experiencing in years past has slowed down.
Jobs are more scarce, unemployment is high, and the housing industry is leading to repossessions. Even housing values are very low, due to the economic issues. Experts expect the economy to lose another 3 percent this year. Builders, estate agents, and many more are unable to get loans because Spanish banks need to hold on to their cash. Without an infusion of money in the economy there is no money to help increase job demand. It will continue to be slow for a while.
