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Crisis? What crisis?
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Spain's construction industry is hit hard and half of immigrants who make up 11% of the workforce have lost their jobs. Spain is hoping to give them alump sum payment to induce them to return home. Economic growth will be below 2% in 2008. Zapatero pledged to return 400 euro from the budget surplus and this helped him get reelected at a time in March when the economy was looking a lot better. Zapatero has no control over interest rates which the ECB raised on July 3, 2008 and no control over commodity prices, and the housing downturn in Spain will continue.
Unemployment in Europe, Japan and the USA. Stimulus measures in the U.S. and safety nets in Japan and Europe: 2008-2010
01/05/2007
How safety nets in Japan and Europe do what the stimulus helps to do in the USA. Coping with high unemployment.
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