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Spain must bring its shadow economy back into the light Add to ...

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Spain’s unemployment rate could climb to 30 per cent by 2015, up from a record 27 per cent now, according to Société Générale. Such staggering levels of joblessness would signal economic devastation just about anywhere – except in Spain, where the average Spaniard would roll his eyes and tell you not to worry, everyone knows the numbers are an illusion because so many people are employed in the country’s robust underground economy.

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