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People wait in line to enter a government-run employment office in Madrid Jan. 3, 2013. The outlook for 2013 from analysts is jobs growth in Germany and further joblessness in Spain.
People wait in line to enter a government-run employment office in Madrid Jan. 3, 2013. The outlook for 2013 from analysts is jobs growth in Germany and further joblessness in Spain.
(SUSANA VERA/REUTERS)

Sean Silcoff

Spain must bring its shadow economy back into the light

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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.