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Wednesday, 14 March 2012

A matter of personal concern - my home country in serious trouble

Being half-German and half-Spanish, I'm very concerned about the serious economic and financial situation going on in Spain at the present time.

Spain is the next country on the list with severe economic problems leading to a financial disaster, after Greece.

Startfor released a report on the current economic situation going on.

While the EU agreed on a second bailout loan for Greece, it is highly questionable how the entire financial situation in the EU will develop with Spain and more countries falling in deep economic depression (also because Spain's unemployment rate is the highest of all EU member states, 23%; and it's even 45% of people younger than 25 years).

The number of skilled and highly qualified Spanish immigrants to Germany has significantly increased in the past few months, especially university graduates. Either for reasons of limited working contracts (between 3 and 6 months!), painfully decreasing wages, and downsizing employment strategies by companies, young Spaniards leave their home country, initiating a second wave of Spanish labour immigrants to Germany.

Spain is witnessing a massive brain drain, and it will go on with the conservative government under Manuel Rajoy, leaving Spain in a stage of increasing social imbalance and a bleak economic outlook.

However, this brain drain will weaken Spain's fragile economic situation even more, and in case that also Spain requires a financial bail out, this will lead to horrendous political consequences for the entire EU.

The thing is: as long as the situation in Spain won't significantly improve, the brain drain will  go on.

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