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Spain’s zombie developers are finally about to die.
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Elisa Dalbosco says she lost her job when it came time for her former employer, a refugee shelter in northern Italy, to either offer her a permanent contract or let her go.
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Italian consumer confidence unexpectedly declined this month to the lowest in at least 17 years as the country’s fourth recession since 2001 damped optimism.
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Italian business confidence rose for a second month after a recession eased in the third quarter and the nation’s borrowing costs declined.
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Spain’s recession deepened more than economists forecast in the fourth quarter as the government’s struggle to rein in the euro region’s second-largest budget deficit weighed on domestic demand.
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Italy’s joblessness rose more than economists forecast in April to the highest in 12 years amid a deepening slump in Europe’s fourth-biggest economy.
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Spain’s underlying inflation slowed in February as the economy suffered its second recession in as many years and the government tried to rein in the euro area’s fourth-largest budget deficit.
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Spain sold 7.15 billion euros ($9.21 billion) of bonds, half to its pension reserve fund in a private sale, as it shores up financing amid efforts to avoid a European bailout.
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Spanish unemployment rose to the highest on record after Prime Minister Mariano Rajoy made it easier to fire workers while implementing the steepest budget cuts in the country’s recent democratic history.
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Home foreclosures in Spain, which disproportionately affected lower-income immigrants after the real estate bubble burst, are spreading to formerly well-to-do families and businessmen as they run out of ways to pay mortgages in a deepening recession.
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