AP reports that Spain is hitting record numbers of unemployed. The government says the jobless rate now stands at 11.3 percent, although the European Union’s statistical agency puts it at 11.9 percent. Either way, Spain has the highest unemployment rate in the 27-member EU.

If trends continue, Spain will hit the 3,000,000 unemployed mark pretty soon. Spanish government officials are already talking about hitting an “official” recession by the end of this year if the final quarter also concludes with negative growth. Considering that Spain is one of the EU countries which enjoyed huge growth and increases in wealth over the past 20 years, one can only imagine what this will mean to those finding themselves jobless. Purchases in the good times will no doubt become a nightmare: Mortgage rates , car leases, bank loan payments…

(C) Photo: takashy