Thursday, January 08, 2009

I KNOW, I've been over the grim economic situation in Spain several times recently, but it just gets worse and worse. To wit:
Spain's registered joblessness leapt by a higher than expected 139,694 people or 4.6 percent in December, the ninth straight month of increase, and rose above three million for the first time in over 12 years, government data showed on Thursday. Since December last year, the number of registered jobless has risen by 999,416 people or 46.9 percent as the global credit crunch hit the property market and hammered pre-Christmas spending on Spanish high streets. The government said conditions would worsen this year.
The number of Spanish firms filing for bankruptcy protection almost tripled last year as builders and real estate developers went bust at record pace, consultants PriceWaterhouseCoopers said on Wednesday.

The consultancy said 2,864 firms filed for administration last year, 1,849 more than in 2007.