Spanish unemployment soars to record high

It’s the highest level since records began in the 1970’s and sits at more than double the European average. Spain’s jobless total climbed to 26 percent in the fourth quarter of 2012, according to latest figures. Sixty percent of people under the age of 25 were unemployed in the fourth quarter. The figures come hot on the heels of a 39.5 billion euro bailout for Spain from it’s euro partners. The loan package is designed to ease the strain on Spanish banks, crippled by the property market collapse in 2008. Prime Minister Mariano Rajoy is battling to control one of the eurozone’s largest deficits and prevent Spain defaulting on it’s own bailout commitments.