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Spain unemployment rises for 8th month

Tuesday, April 03, 2012 - 01:41

April 4 - Spanish unemployment has risen for the eighth month in a row as the country's government signal more spending cuts in its latest budget. Andrew Potter reports.

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It's called the office of employment, and the queue of those without is growing. Latest figures show unemployment in Spain has risen for the eighth consecutive month to just under 23 percent. And half of those under 25 are now without work. (SOUNDBITE) (Spanish) NATALIA, 21, JOBLESS, SAYING: "The numbers are what they are and of course things aren't being done properly, because money is being used for things that are unnecessary and where money is needed there's no investment." The Spanish government presented the details of its budget on Tuesday. It projects the country's debt will reach its highest level since 1990 this year, hitting nearly 80 percent of Gross Domestic Product. The budget aims to reduce government spending by 27 million euros on top of existing cuts, to help meet a strict target set by the European Union. Cristobal Montoro is Spanish Treasury Minister. (SOUNDBITE) (Spanish) SPANISH TREASURY MINISTER, CRISTOBAL MONTORO, SAYING: "The challenge of this budget is to recover confidence in Spain from our European partners, recover the confidence of European institutions, recover the confidence of investors who are also the creditors of Spain. So that is our objective." Spain's banks have been hit hard by the collapse of the country's real estate market in 2008, leading to fears it could reach for a bailout like several other - much smaller - euro zone members. The government is the difficult position of trying to achieve seemingly opposite aims, foster growth and cut these queues, while cutting spending at the same time. Andrew Potter, Reuters

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Spain unemployment rises for 8th month

Tuesday, April 03, 2012 - 01:41