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.
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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's unemployment rate seems to be nearing almost one quarter of the population. In addition, for those who don't know, the paro (unemployment payments) is extremely easy to get in Spain. In many small towns, for example, people work in the field--all untaxed and under the table--and collect unemployment at the same time. A friend of mine makes almost $26,000 a year doing this. Add free healthcare and the numerous other publically funded social programs to the mix, and you'll see that this can deter a lot of people--especially those who live in more rural areas--from getting a job. So come on prospective study abroad students, go help Spain's economy by going there to study!
UPDATE: The economic situation in Spain is getting pretty famous. Before clicking on the following link, remember that paro means unemployment: http://www.parobook.com/
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