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Spain jobless rate soars to 17-year high
Monday, January 30, 2012
Spain's unemployment figure has topped 5 million, the highest rate for 17 years.
The National Statistics Institute says 5.27 million Spaniards are out of work, representing an unemployment rate of 22.85 per cent - twice the eurozone average.
Young people were hit especially hard, with more than half of 16- to 24-year-olds - 51.4 per cent - looking for a job.
The new government has announced a new round of austerity cuts but many doubt it will achieve pre-election pledge to reduce the deficit to 4.4 per cent this year.
Source: ABC.net.au
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