The Pain in Spain

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Once proud Spain has the worst jobless rate in Europe at almost 20%, partly because of its unfair employment laws. Some jobs are too highly protected with huge redundancy payments, while other temporary work has no protection at all. But there may be some hope in sight. Spain's largest union has predicted that an agreement may be signed with employers on reforming labour laws within the next few weeks. It's hoped the measures could help more young people into the workforce. Youth unemployment is approaching 40% in some parts of the country, including the region of Valencia. Lesley Curwen talks to students at Valencia railway station about their hopes of finding a job, and to José Vicente González Pérez who is the president of the Business Confederation of Valencia. And we hear from Professor Luis Garicano, a leading Spanish economist who works at the London School of Economics. He says the Spanish government is caught between 'the rock of the unions and the hard place of the international bond markets.' Plus the veteran US motor journalist, Paul Eisenstein reflects on the rise and precipitous fall of Toyota.