Global Security Headlines

Monday, March 5, 2012

#Spain Losing Its Future/#España pierde el futuro

 While Greece steals most of the headlines in the Euro-mess, Portugal, Italy, Ireland, Belgium, and yes, Spain are suffering dearly too.

Spain is where I really learned Spanish in 2002. Ten years later I can see from afar the destruction after the Socialist reign under Zapatero which coincided lamtentably with the current Euro-mess.

Whether Rajoy can steer the ship back onto course remains unclear. Certainly a break from Socialist orthodoxy is a good start. 

Pain in Spain - Youth hit hardest
Unemployment is nearing 23% - nearly one in four Spaniards are out of a job. Spain has the highest unemployment rate in the sinking European Union.

Spain also leads the Euro-zone in youth unemployment - 42.9%!

The IMF warns that the country could possibly risk losing a generation

Brain Drain
Its future leaders are not staying home either. More than 300,000 Spaniards have fled abroad since la crísis.

A group called JESP (jóvenes emigrantes sobradamente preparados) - well-prepared young migrants - are participating in the global economy, as reported by Cinco Días, a business daily in Madrid.

Spain has more university-educated adults between the ages of 25 and 34 than the rest of the Euro-zone. The educated are usually more motivated, restless, and refuse to settle for mediocrity.

The JESPs are engaging the global economy and leaving Spain behind - a classic brain drain which does not augur well for the future.

What future?
Spain must shake away from socialism or it will never recover, just like the EU.

The public unions need to be flexible and the leadership needs to be more reasonable by thinking more about the country than their own greed.

The economy continues to contract.
Unemployment does not abate.

Rajoy has a chance to be bold and return the country to a road to recovery, off the road to serfdom. 

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