From the Toryrag this morning...

"S&P cut Spanish debt one notch to AA with a negative outlook, warning that the fall-out from the housing bust will keep the country trapped in near slump until 2016. It said private sector debt of 178pc of GDP was a major concern."

Seems a little odd then to have such a clampdown on building permissions and refusal to issue Cedulas etc.

Spain's unemployment has now officially hit 20%, the highest rate in the Eurozone and 10% over the average for Europe!
That is pretty staggering. How does it feel on the 'coal face' so to speak? Are you aware of large numbers of unemployed or do you think it is centred in the larger cities, particular regions or rural areas?
Whenever I am in Catalunya the local population always seem very busy and industrious with no obvious signs of mass unemployment.

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Hey Viking - I must say I don't see long lines of unemployed people. In the village where I have a building project going (Els Reguers) there seems to be lot of building still going on. Even in Tortosa I see a lot of activity.
The telling thing is this: I have recieved building quotes before and after the crisis, and THERE IS HARDLY ANY CHANGE in prices!
I think we need to remember, the people who give us these predictions of doom and gloom and 20% unemployment etc., are the same people who created the crisis!!
I work for an Investment Bank and know just how important sentiment is to these people...