The Economy Of Spain
Economics Explained
00:00
The Unemployment Crisis in Spain and the European Union
The national government actually had a debt to g d p ratio almost half of that of the usa at the time. Joining the european union has overwhelmingly been a positive decision for spain, but it does have its drawbacks. High levels of unemployment drive down wages, because why would you bother paying your employees well when there are millions of people desperately looking for work that will do the job for a lot less? This was something that was surprisingly easy for them to do, given spain's interesting relationship with the world.
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