Spain jobless rate hits 25%

Official figures from Spain show one in four people is out of work. The Popular Party government has launched a vast austerity program to save €150 billion between 2012 and 2014, by introducing stringent public sector cuts and raising taxes. Government forecasts the economy to shrink by 1.5% this year and for the recession to continue into 2013, although many analysts believe this to be optimistic.