The financial crisis has virulently and meticulously undone what several generations of Spaniards have worked hard to achieve. Other Europeans who hoped that Spain´s wealth would converge with the richest countries in the EU little by little are similarly affected.
Yesterday Eurostat embarrassed the Spanish government by underscoring the results of their poor management. For months Spain has shouldered the fact that they have the highest unemployment rate in Europe.
And it was unveiled yesterday that in 2010 the country continued a recent trend: growing disparity in the mean per capita wealth within the 17 countries that use the euro.
Eurostat used the per capita GDP as its indicator, and they corrected it such that it reflects parities in purchasing power. Objective: to eliminate price differences between various countries that they analyzed in order to depict a sound image that might allow a comparison of the real levels of wealth and purchasing power of all Europeans.
Edited in English by Brandon Dyches and Jose L. De Haro (joseluisdeharo@eleconomista.es)
