- Ben May, economist at Capital Economics
Spanish unemployment rate increased to 24.6 per cent in the second quarter of 2012, the highest level since 1976, from 24.4 per cent in the prior quarter, National Statistics Institute data showed.
"It's another example of in, and with the economy unlikely to expand anytime soon, and the dire position the economy is probably more likely to fall deeper into recession, things are only going to get worse," economist at Capital Economics Ben May said.
"The problems that Spain faces in the financial markets go beyond the country's borders, and speak to the design flaws in the eurozone," said James Daniel, IMF mission chief for Spain.
The Stoxx Europe 600 Index rose 1.26 per cent to 259.81. Germany's DAX Index gained 1.62 per cent and France's CAC 40 Index added 2.28 per cent.
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