What Millions Of Young People In Spain Really Think
With unemployment rates surpassing well over 50 percent, Spain’s youth are at the forefront of the economic meltdown currently spanning Europe, particularly key countries within the Eurozone.
Gloobbi decided to send its photographer, Dela, to the Iberian Peninsula to find out what was really happening in the country and to get the direct opinion from young Spanish people, between the ages of 18 to early 30’s, on their account of the social, economic and political climate of their nation.
The “What Millions of Young People Really Think” project was sparked by artist Adrian Fisk’s project, “iSpeak,” in China and India and taken up by Gloobbi in France (click HERE for the link) and Spain, to be followed by other countries and continents.
The project is a way to give a voice to a marginalize, yet significant group of young citizens who are too often drown out by the more senior voices within their social contract.
While in Spain, Dela spoke with hundreds of young adults from different areas of the country. A key surprise from the inquiry was how highly politically and financially astute was the bulk of the young population Dela encountered throughout his mission.
Many expressed deep-seated concern for Spain’s increasing national deficit of over €1.05 trillion, or $1.30 trillion, and the recent agreement within the Eurozone to lend Spain up to €100 billion, $123 billion, for what is essentially a massive bailout for banks and their faulty investments in the property market.
When asked for his opinion, Pau Escoda, a 21-year-old student from Sant Just Desvern near Barcelona, vividly stated that his father has a saying “My family does not owe money, let those who owe pay up!” Another participant, Manuel Adrade, had little faith in both his country’s government and the European Union, expressing disbelief that the two institutions were faithfully working for the benefit of the Spanish people.
Yet, amongst all the angst and the obvious concerns for an insecure future, there was a resounding and somewhat assuring strength in Spain’s youth. Many expressed that it is up to the individual and the sheer will of the people, and not any form of legislation or political leader, that will set the country on the right path for prosperity.
If there is one general consensus from Gloobbi’s project in Spain, it is that most young people believe that through hard work, by weeding out the system and key players that have lead the country down its turbulent road, the Spanish nation can bounce back from the rails of economic decay into a formidable example for the rest of Europe.
Spain Released Some Awful Numbers Today
Spain’s banking system has suffered massive outflows of cash as investors become worried that the country will need a bailout and fragile banks count more and more troubled assets on their portfolios.
The latest news from Spain isn’t reassuring.
Today, the Bank of Spain released monthly payments on its balance of payments, showing that capital was continued to flow out of the country.
Here are the most worrisome numbers from that report:
- €41.3 billion ($50.6 billion) in funds flowed out of Spain in May. All told, €163.2 billion ($200.4 billion) has flowed out of the country this year.
- Direct investment declined by €1.2 billion ($1.5 billion) in May, versus increases earlier this year.
- Spain’s deficit rose to 4.04 percent of GDP by June, well over half the deficit it targeted for the end of the year. (It’s worthwhile to keep in mind, however, that the country front-loaded debt issuance, taking advantage of low borrowing costs in the wake of ECB liquidity measures late last year and early this year.)
- Spain’s foreign exchange reserves declined by €243 million ($299 million).
- Domestic income fell by €1.9 billion ($2.3 billion) in May.
Meanwhile, the decline in Spanish borrowing costs (yields on bonds) has slowed, with 2-year yields falling 5 basis points to 4.95 percent today and yields on the 10-year staying stable at 6.61 percent. Yields had been steadily declining in the wake of hints by European Central Bank President Mario Draghi last week that the central bank was about to take action to slow an unsustainable rise in borrowing costs over the last month.
NOW READ: FORGET THE RALLY—10 Terrible Facts About Spain >
Tel Aviv Is A Mediterranean Silicon Valley — Here’s What It’s Like To Bank There
Tel Aviv needs bankers. Badly.
The Israeli town has been called the Silicon Wadi, which basically translates from Arabic into the Silicon Valley, because it is viewed as the second most highly tech focused region on earth.
Someone needs to finance all that.
So if you’re looking to soak in some Mediterranean sun while working in a hot, entrepreneur driven technology sector, then definitely check out Tel Aviv.
The 15 Best Autos For Sale At This Year’s Pebble Beach Classic Car Week
Between August 15 and 19, automobile collectors and enthusiasts will flock to the annual car week in Monterey, Calif. at the legendary Pebble Beach golf course.
Thousands of people will partake in shows, auctions and the swanky parties that go with it. We were there last year, so we know how awesome the weekend will be.