The effect of the economic crisis on employment
Undoubtedly, the crisis has a cyclical component linked to how Spain financed the housing bubble. The billion private debt taken on by companies and citizens to finance the boom has exploded in the balances of the old savings banks, creating a huge hole heritage. And the insolvency of the financial system, along with the public sector, is draining huge financial resources that do not reach the rest of the economy.
All this has led to the evolution of unemployment in Spain from 2007 to 2012, with data from the Active Population Survey of the National Statistics Institute, shows a really bleak picture.
As we can see in the chart in motion that follows, over the years 2007-2012 the 19 regions...