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Pain in Spain as bank warns of 10-year jobs blight and public debt leaps 8.1bn

Spanish bank BBVA says unemployment may take a decade to recover from financial crisis and public debt hits 95% of GDP

Spanish unemployment could take 10 more years to return to the levels seen before the financial crisis, according to a report that paints a picture of an economy hampered by low wages, low skills and lack of investment in research.

Spanish workers earn 20%-40% less than those in other leading European countries, according to the study by Spain’s second-biggest bank, BBVA. The earnings gap is partly explained by very high unemployment, which BBVA said “derives from a labour market that functions substantially worse than in other countries”.

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