The bad news in Spain continues unabated. 15% of all jobs have now been destroyed since the start of the crisis.
Meanwhile, the IMF has suggested a public bailout of the financial sector may be needed:
To avoid resolution costs becoming too high for the industry to bear, especially in a reasonable time period, greater reliance on public funding may be needed, after exhausting options for private recapitalization, to preserve financial stability and to avoid excessive deleveraging.
Avoiding “excessive deleveraging” implies years of grinding austerity – hardly a sustainable status quo.
(NB: The INE employment time series only goes back to 1976 online).