The Trader has been covering the Spanish economy over the past year. At this stage many investors know about the imploding Spanish economy, soaring yields etc. Unfortunately, there are other problems Spain faces as a consequence of the economic situation. These are long term problems, that require delicate handling. On the unintended consequences, via El Pais.
The slow drain is not so slow anymore: between January and June, 40,625 Spaniards left the country, a 44.2 percent rise from the same period last year, according to population estimates released by the National Statistics Institute (INE). Another 228,890 foreigners left at the same time.
“We have become a land of emigration, after being a land of immigration. More people leave than enter the country because we are unable to retain them,” explains Antonio Izquierdo, a professor of sociology at A Coruña University. “If a country’s wealth lies in its population, then we are losing wealth.”
One of the people that Spain has lost is Clara San Millán, a 27-year-old architect from Salamanca who moved to Denmark last February. For the first time, in the town of Aarhus, she has found a “real job.”
“In Spain it is very difficult to start working. The most you usually find is an internship where you make very little money or none at all,” she says. Now, she makes around 2,000 euros, of which she pays around a fourth in taxes. (Full article here).
And the problems of young people never moving out of their parents’ homes.
I want to move out, but I don’t see how. I have never considered that option,” says Paula in resigned tones. At age 28, she is an elementary school teacher who has always lived with her parents. Since graduation she has only worked three times as a substitute teacher, always for short periods.
“The longest I ever worked is four months,” she explains. Now she has a one-month contract to work as a summer camp monitor for four- and five-year-olds. In August she will be back in the unemployment line, and is contemplating moving to another country to find more regular work.
Full article click here.
Still one of the best videos on the European crisis click here.