In Spain, the unemployment rate has surged to 26.02 per cent, resulting in nearly six million individuals being without work.
On Thursday, the National Statistics Institute reported that the rate increased by one per cent from the third quarter to the last quarter of 2012.
According to the report, 691,700 additional individuals became unemployed in 2012.
This marks the highest unemployment level recorded in the modern history of the country.
Currently, Spain is grappling with its second recession in just over three years, a situation triggered by the collapse of its once-thriving real estate market in 2008.
In an effort to tackle a large deficit and avert a bailout, the conservative government, which has been in power for a year, has implemented significant financial and labor reforms and has enforced drastic reductions in wages and spending; however, the economy has yet to display any substantial signs of recovery.
by Sasha Dubronitz
