Euro rising - the end of bank crisis in Spain? (ms)

The trading week started with a rising move for the euro.

The euro is trading at the level of 1 US dollar 26.5 cent versus the American dollar.

This is the fastest growth tempo in 8 months.

The surge was triggered by the decision of the Eurozone finance ministers to render financial assistance to the banks of Spain. The loan value will be about 100 billion euro.

Still the Prime Minister of Spain Mariano Rajoy has again dwelled upon the unprecedentedly high unemployment rate in the country.

Furthermore, the rate of unemployed will keep increasing under the conditions of Spain being in recession.

It is the disappointing stance of the labour market that evoked the crisis in the bank sector of Spain. A few years ago the banks were actively approving mortgages, but amid soaring unemployment rate settling the credits became very problematic, the demand in estate fell and the real estate prices lowered by average 25%.

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