Spanish unemployment rises during March

Unemployment in Spain grew for the third consecutive month in March, with the total number of jobless in the country remaining at over 20 per cent.

The Spanish Labor Ministry said that there was a 0.8 per cent increase in the number of people registered as unemployed over the course of the month, Bloomberg News reported.

It has prompted the country’s Socialist government to introduce a number of measures to tackle the highest jobless rate in Europe and encourage unregistered jobs to be declared.

The increase in unemployment is likely to have an impact on the beleaguered property market in Spain, which has seen prices tumble by as much as 50 per cent in some regions since its peak in 2007.

Meanwhile, as a result of the recent financial crises and subsequent economic fallout within Europe a new legislative proposal from the European Commission has been tabled.

Designed to prevent the irresponsible lending that led to the troubles, borrowers will enjoy a higher level of protection through robust rules concerning advertising, pre-contractual information, advice, creditworthiness assessment and early repayment.

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