Washington’s Blog 
Monday, July 27, 2009
Citigroup is projecting  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 .
As I wrote  last December:
And the bubble in commercial real estate is also bursting world-wide. See this .
So – unfortunately – unemployment could be a problem globally.