IMF calls for urgent steps on Spain unemployment

Spain faces the prospect of of high unemployment and sluggish growth lasting years unless the country and Europe take "urgent action" to slash the nation's crippling 27 unemployment rate and free frozen credit to businesses so they can expand, the International Monetary Fund said Wednesday, according to AP. A report issued by the IMF praised Spain's reforms for stabilizing an economy that almost imploded last year, particularly by propping up public finances, but said the jobless rate is "unacceptably high and the outlook difficult." After years of recession, Spain will probably start growing economically at the end of this year and into next year but the growth may not be enough to bring down the unemployment rate, said James Daniel, the IMF mission chief for Spain. "The uncertainty is whether the recovery will be strong enough to generate jobs," Daniel told reporters.