# The World Bank sees the Spanish economy "very serious and extremely high unemployment



## xabiaxica (Jun 23, 2009)

*The World Bank sees the Spanish economy "very serious and extremely high unemployment*



> El Banco Mundial ve la economía española 'muy grave y con el desempleo extremadamente alto'


headline in today's El Mundo

Interstitial - Noticia



> "I think the situation in Spain is very serious and extremely high unemployment," said the director of the institution's macroeconomic trends, Andrew Burns, during a press conference in which they presented the report "World Economic Outlook 2010 '.
> 
> However, Burns has said that is "likely" that the fiscal consolidation measures to reduce the risk of worsening economy and has suggested that market indicators show a less serious than that of Greece or Portugal, although the spread of the bond Spanish with German is to record highs.
> 
> The effects of a hypothetical Spanish debt crisis be felt in Latin America, according to the World Bank. "If the situation worsens in Spain could affect the Spanish banks, and that could have a 'cascade effect' because the Spanish banks are very active in Latin America", includes the report of the body. At dawn, Andrew Burns nuance his words, saying that "Spain is weathering the crisis with considerable skill," adding that although the report presents a pessimistic scenario, it is considered unlikely.



translated by Google cos I have to go out now


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## Pesky Wesky (May 10, 2009)

Thanks for the article xabia.

I've finally found smth about this in English if anyone wants to read the doom and gloom in their native tongue!

Spain Business Brief - Wednesday June 9 2010


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## jojo (Sep 20, 2007)

Pesky Wesky said:


> Thanks for the article xabia.
> 
> I've finally found smth about this in English if anyone wants to read the doom and gloom in their native tongue!
> 
> Spain Business Brief - Wednesday June 9 2010


Actually, no I dont lol!!!!!! Sorry, I'm fed up with all the misery around. Todays a nice sunny day, the birds are singing, the air is fresh after yesterdays rain and the exchange rate is hanging on in there.....!!!!!!!

Jo xxxxx


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## Guest (Jun 10, 2010)

jojo said:


> the exchange rate is hanging on in there


*mumble* *grumble* *moan* some of us prefer it when the £ is doing crap you know!!


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## Pesky Wesky (May 10, 2009)

jojo said:


> Actually, no I dont lol!!!!!! Sorry, I'm fed up with all the misery around. Todays a nice sunny day, the birds are singing, the air is fresh after yesterdays rain and the exchange rate is hanging on in there.....!!!!!!!
> 
> Jo xxxxx


I'm with Andy there. Good exchange rate for who??!!

Anyway, nice to see you feeling chirpy!:clap2:


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## jojo (Sep 20, 2007)

Well obviously I'm on my own with the exchange rate thing then !! ut we are paid in sterling and its nearly back to where it was when we moved here!!??? What would be nice now is for the interest rate to go up a notch or two ????? is that gonna make me even more unpopular?????????? 

I'd better shut up hadnt I LOL 

Jo xxx


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## xabiaxica (Jun 23, 2009)

Pesky Wesky said:


> I'm with Andy there. Good exchange rate for who??!!
> 
> Anyway, nice to see you feeling chirpy!:clap2:


maybe it will be good for tourism if the weather's crap in the UK?


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## Pesky Wesky (May 10, 2009)

xabiachica said:


> maybe it will be good for tourism if the weather's crap in the UK?


xabia, have you any idea what the weather's like here today???:rain::rain:


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## mrypg9 (Apr 26, 2008)

The real problem for the money markets isn't Spain's budget deficit or high public sector debt, though, it's the poor prospects for growth.
One reason -perhaps the main reason -is that like so many world economies there is a high reliance on the public sector to provide jobs. Public sector employees on permanent contracts are virtually unsackable. Figures show that almost 50% of Madrilenos depend on the state in some way. (Out of 6.5 million inhabitants, half a million work directly for the state, one million are retired, a further million are children and half a million are unemployed).
That is simply unsustainable.
Something must be done about the temporary/permanent division in the labour market. With 40% of young people unemployed this dichotomy is contributing mightily to social divisions.
The 1.5 million currently unemployed are the victims of temporada - the young, immigrants, the unskilled and those who failed in the tremendous competition for state sector jobs -some 300 people apply for each job advertised by the Madrid Government.
The plain facts are that most advanced states have relied heavily on the public sector to keep people employed or in the case of the Thatcher Government to keep the people made unemployed on welfare benefits. It is often forgotten that public spending as a % of GDP actually ROSE under Mrs.T. Plus we saw the growth of the welfare=dependant underclass. (Anyone doubting that can consult the then Government's own figures: they are truly startling).
Big changes are going to take place in all those countries - as David Cameron said, our whole way of life is about to change. 
That will happen in Spain as well as the UK and affect all of us.


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## mrypg9 (Apr 26, 2008)

jojo said:


> Well obviously I'm on my own with the exchange rate thing then !! ut we are paid in sterling and its nearly back to where it was when we moved here!!??? What would be nice now is for the interest rate to go up a notch or two ????? is that gonna make me even more unpopular??????????
> 
> I'd better shut up hadnt I LOL
> 
> Jo xxx


No, you're not alone. There are thousands like you, us for a start.
We want to see the same things - sterling up, interest rates back to almost double figures.
I'm afraid that what's bad for UK plc is good for us.
Selfish swine...


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## Pesky Wesky (May 10, 2009)

mrypg9 said:


> The real problem for the money markets isn't Spain's budget deficit or high public sector debt, though, it's the poor prospects for growth.
> One reason -perhaps the main reason -is that like so many world economies there is a high reliance on the public sector to provide jobs. Public sector employees on permanent contracts are virtually unsackable. Figures show that almost 50% of Madrilenos depend on the state in some way. (Out of 6.5 million inhabitants, half a million work directly for the state, one million are retired, a further million are children and half a million are unemployed).
> That is simply unsustainable.


That's interesting mrypg9. Can you tell me where you got the figures from? (About madrid I mean)
And can you point me to an article about David Cameron talking about The Change, please?


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## dunmovin (Dec 19, 2008)

mrypg9 said:


> No, you're not alone. There are thousands like you, us for a start.
> We want to see the same things - sterling up, interest rates back to almost double figures.
> I'm afraid that what's bad for UK plc is good for us.
> Selfish swine...


I'm in the same boat....... and I don't have a problem with be selfish......God know the exchange rate is due to do me few favours. 

Just wish that bugga obama (or should that be *o*hwota*bam*pot) would stop banging on about BP and that oilslick.... 7 billion wiped off the share value.....


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## dunmovin (Dec 19, 2008)

dunmovin said:


> I'm in the same boat....... and I don't have a problem with be selfish......God know the exchange rate is due to do me few favours.
> 
> Just wish that bugga obama (or should that be *o*hwota*bam*pot) would stop banging on about BP and that oilslick.... 7 billion wiped off the share value.....


oops my mistake.....55 billion wiped off the share value..... as on news paper reports (mail online)

If you have a pension, at present or in prospect, your income falls with every sour word Obama speaks. It's a fine way for a friend to behave, if indeed we should regard the president as a friend.


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## mrypg9 (Apr 26, 2008)

Pesky Wesky said:


> That's interesting mrypg9. Can you tell me where you got the figures from? (About madrid I mean)
> And can you point me to an article about David Cameron talking about The Change, please?


Last week's 'The Economist'.
I subscribe to ConservativeHome so I think that's where I got the stuff about Cameron from.
If you're interested in reading pieces from 'The Economist' pm me and I'll give you my PIN so you can read it online.


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## mrypg9 (Apr 26, 2008)

dunmovin said:


> I'm in the same boat....... and I don't have a problem with be selfish......God know the exchange rate is due to do me few favours.
> 
> Just wish that bugga obama (or should that be *o*hwota*bam*pot) would stop banging on about BP and that oilslick.... 7 billion wiped off the share value.....


Well....imagine the reaction from our Government if an American oil company had caused that amount of damage to the UK coastline, economy and jobs. I should sincerely hope Cameron would bang on and on and on about it. 
BP's handling of the disaster -in which eleven people died, a fact we seem to have forgotten -has been simply inept and their PR even worse.
The effect on British pensions will be minimal, as a pension expert pointed out on the 'Today' programme this morning. BP is an extremely wealthy company that can afford to foot the bill for the clean-up operation AND pay a healthy dividend.
However....Obama forgets the environmental damage caused by US oil companies in the Niger Delta and elsewhere.
And wasn't Union Carbide, the company that was responsible for the deaths of thousands, a US firm?


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## dunmovin (Dec 19, 2008)

mrypg9 said:


> And wasn't Union Carbide, the company that was responsible for the deaths of thousands, a US firm?


Yes it was,and if I remember correctly the death toll was 25,000 a figure which is still rising and not one of the company directors set foot in India for fear of prosecution. Indeed the employees jailed for this tradegy are all Indian nationals


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