What has been sweeping the front page of the economy news is the crisis and eurozone; more specifically, the potential bailout of Spain. If this nightmare became realty, it would be the fourth full-blown bailout in Europe.

As a legitimate soccer fan of Spain, this is a piece of very upsetting news which stalled me from updating to it until I came across a friend’s blog just now. The title “Spain does not need a bailout” was what caught my eyeballs. So the future of  Spain is not as worrisome as I expected?

If the realty is just as how the German Finance Minister describes, “Spain is doing everything necessary and needs no aid”, then all anxieties and worries are in vain.

However, a story can always be told by two sides. Statistics have come out and the figures are shocking. Unemployment rate in Spain has reached a historical high of 25.1%.  That is, one person  jobless out of very four!

This figure shows the continuously increasing unemployment rate in Spain in the past four years. Image adapted from Google Public Data

I will keep following the news and hope for more optimistic news.

Hewitt, G. October 2nd, 2012. Clock ticks on Spain bailout. BBC News. <http://www.bbc.co.uk/news/world-europe-19797656>