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Unemployment Not Just a Problem in America … Unemployment in Spain Forecast at 22% by Next Year

Washington’s Blog [1]
Monday, July 27, 2009

Citigroup is projecting [2] that unemployment in Spain will rise from its current 17.9% to 22% next year.

Spain’s unemployment is largely driven by the bursting of its housing bubble [3].

As I wrote [4] last December:

Housing bubbles are now bursting in China [5], France [6], Spain [7], Ireland [8], the United Kingdom [9], Eastern Europe [10], and many other regions [11].

And the bubble in commercial real estate is also bursting world-wide. See this [12].

So – unfortunately – unemployment could be a problem globally.

[13]