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Press Release: Unemployment in Spain hits 5 million

Its official, the number of people out of work in Spain has exceeded 5 million which equates to 26 per cent of the population. Therefore, anyone hoping for signs of economic recovery had their hopes dashed when the official figures were announced by the world's media on the 4th March. James Peat, Director of Hola Credito was shocked to hear that unemployment amongst Spain's youth is currently running at 55 per cent (BBC) and in the province of Jerez, one out of three residents are currently unemployed (ITV news). As an established financial services provider the team at Hola Credito keep a close eye on world events, gold prices, financial markets and economic conditions. So it wasn't a complete shock, but no one could fail to be moved by the enormity of the situation, and the affect it will have on the country. The burden of growing unemployment will put a strain on the government's finances due to increased Social Security payments - from an already stretched Social Security Reserve Fund - and reduced tax revenue, and also for the individuals who will now find that their access to credit is limited, just when they need the most assistance. James Peat, Director of Hola Credito, says "Unfortunately, it seems that the most vulnerable in society may be in for more financial hardship. The last thing they need is the burden of knowing that their access to credit disappeared along with their jobs." "Hola Credito has a history of creating solutions to short term financial difficulty helping the less fortunate, for no matter what reason - be it a temporary cash flow issue, unemployment or a pensioner - by providing low interest short-term loans secured against valuables. It's a quick and easy process with no unnecessary delays or paperwork. When the price is agreed and the contract has been signed you can receive the loan immediately."