Why Spain Should Still Be Your Number One Eurozone Worry

While Greece continues to have everyone sitting on the edge of their seats, eyes of strayed from Spain.

There are plenty of reasons to be bullish about the country’s economy: it’s becoming more competitive, its public sector debt is low, and its banking sector is getting better.

But there’s one glaring reason why you shouldn’t be.

From BNP Paribas:

Job creations were rather strong in Germany (+0.4% q/q) and France (+0.3% q/q), but were rather disappointing in the eurozone’s other large economies. The labour market contracted 0.6% q/q in Italy and 0.4% q/q in Spain. With the exception of just two quarters, employment has fallen constantly since Q1 2008 in Italy and since Q2 2008 in Spain. Conditions in the so-called peripheral countries were also tough, and employment continued to contract sharply in Greece (-2.2% q/q) and at a slower pace in Portugal (-0.1% q/q).

It’s just a whole different world in Spain in terms of employment with protesters back on the street today across the country.

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Photo: BNP Paribas

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