More Pain in Spain-580 000 Spaniards are not receiving a salary

As our readers know, The Trader is getting increasingly bearish on the Spanish situation (and the market). The Spanish economy is facing multiple problems going forward. The hang over from glory days is about to accelerate. While investors still seem to be focusing on the Greek “deal(s)”, we suggest shifting focus to Spain. Those dirt cheap houses will become cheaper….

The economy is not feeling well, the unemployment is still rising, and people are getting poorer by the day. According to latest stats, only Latvia and Romania are behind Spain, when it comes to disparities in the Euro area. From EurActiv;

El Mundo says today ‘More than 11 million people under poverty risk in Spain’ while ABC is saying ‘Poverty, more intense than ever, has left 30,000 roofless so far’.
The report ‘Exclusion and Social Development 2012’ was launched yesterday by Caritas Spain and the ‘Foundation of Social Studies and Applied Sociology’ (FOESSA) in Caritas Spain´s headquarters.
The charity says 22% of Spanish homes are living under the poverty line. And 30% are facing serious difficulties in surviving to the end of the month and consume less meat or use less heating than bearable.

“There are more poor people than last year, and they are poorer,” said Caritas secretary general Sebastián Mora. “Poverty is more widespread, more intense, more chronic and it is creating a polarised society in which the difference between rich and poor is growing.

“If the walls of social restraint disappear, poverty will shoot up,” he said.

The report also says that homes of young adults are among those facing the most difficulties.

“Around 580,000 Spaniards, nearly 3.3% of the population, are not receiving a salary,” said the coordinator of studies of Caritas’ team Francisco Lorenzo.

Full report for our Spanish speaking readers here.