Thursday, August 26, 2010

Seeking shelter from the economic storm

The current plight of Spain’s immigrants is now being recognised in the international media.

Andrea Comas reports in Time magazine that “Over a million migrants have lost their jobs, homes and small businesses in a boom-to-bust cycle not seen since the Great Depression…And unemployment isn't the only issue. The rate of mortgage delinquency among foreigners in Spain is 10 times higher than among native Spaniards. Tax revenue and social security contributions, along with consumer spending, are also falling within the immigrant community, making it all the more difficult for Spain — with one of the highest deficits in the OECD at 11% — to stimulate its economy.”

Josep Oliver, an applied economics professor in the Universidad Autónoma de Barcelona and one of the lead authors of Yearbook of Immigration in Spain 2009 is quoted saying: “The Spanish case is a lesson. If a country's economy is based on low-skilled labor, like construction, and there is a crisis, the blow can be traumatic."

“Most immigrants…will weather the storm because they have little to look forward to back home.”

Read more:,8599,2013057,00.html#ixzz0xjbldcR0

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