Unemployment Rate in Spain

Spain's unemployment rate is 23%. And the unemployment rate among young Spaniards is even worse. The current situation is even worse than the recession the country experienced in 1994 and significantly worse than the average of the Eurozone. The only country that gives it a run for the money is Greece. Given the PIIGS (Portugal, Italy, Ireland, Greece and Spain) tough debt situation, these countries will have a tough time improving their employment situation without somehow defaulting on their debt or leaving the Euro and weakening their currencies.