After months of economic recession, the people of Spain might have a bigger problem: there’s not enough oil to go around. Rising demand overseas has seen a flood turn to shortages.
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SPANISH ECONOMY
On the rise: European unemployment continues to climb
Unemployment in Spain, where the community of international bankers is calling for even tougher budget measures by the government, has now reached 20.7% according to the latest figures from Eurostat, writes Richard Farmer.
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Ireland rescued: don’t blame the euro — blame regulators, bankers
Now for Portugal, then perhaps Spain and Belgium, with a saver on Italy after Ireland was saved this morning. And why did Ireland need help? It has been shut out of capital markets for a month or more now and it wouldn’t be let back in until something had changed.
READ MOREInpex LNG project on hold … Greece shrinks as Europe grows … Transurban upsets Canadians …
The Greek economy shrunk (surprise, surprise) while the rest of Europe grew, the deficit in the US continues to escalate, Transurban upsets the Canadians and other business bits from around the globe.
READ MORESpain bracing for deflation
Faced with plunging orders, merchants across this recession-wracked country are starting to do something that many of them have never done: cut retail prices.
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