Pressure is building over Spain's Prime Minister Mariano Rajoy to seek for second European bailout, as unemployment rate gets deepen. It has been found that the condition of the economy is getting worse, and unemployment dip has got even deeper.
One in four people in Spain is jobless, reveals the official data. The National Statistics Institute announced that the current unemployment rate in European Union stands at 24.6%, which is second worst after Germany.
It has also been said that conditions were so bad earlier during the time when Dictator Francisco Franco died. Though the European Central Bank has offered bond purchase offer to Spain, it seems that something is not going right with the country.
Ricardo Santos, who is an economist at BNP Paribas, said that it would be better that authority's concerned take the matter seriously. "Activity is weak and the government will reduce jobs as there are strict targets to adjust the number of public-sector temporary workers, especially in health and education", he further affirmed.
Moreover, Spain's stock market is also not passing through right time, as it has also been witnessing a decline. It was being found that it has witnessed a 10% decline.
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