Last updated: February 19. 2013 8:27PM - 90 Views

Story Tools:

Font Size:

Social Media:

(AP) The number of people registered as unemployed in Spain is edging toward 5 million as the country's recession shows few signs of abating and its banks struggle to deal with a property market crash.

Spain's Labor Ministry says Tuesday that unemployment rose a monthly 74,296 in November, or by 1.5 percent, to a record high of 4.9 million.

Spain's unemployment rate is released separately and quarterly. It stood at 25 percent at the end of the third quarter.

The figures come a day after finance ministers from Spain's euro partners approved the release of 39.5 billion ($51.6 billion) in bailout aid for Spanish banks worst hit by the property market collapse in 2008.

The funds are part of a 100 billion rescue package that's been earmarked for Spain's banks.

Associated Press
comments powered by Disqus

Featured Businesses


Info Minute