Bankruptcies soar in SpainFebruary 8th, 2012 - 1:41 pm ICT by IANS
Madrid, Feb 8 (IANS/EFE) The number of Spanish firms and individuals declaring bankruptcy rose 13.3 percent last year to 6,755, the highest total since the country’s bankruptcy law took effect in 2004, officials said Tuesday.
One in every three companies that went bankrupt in 2011 was in the construction or property business, according to a report from the National Statistics Institute.
Bankruptcies in Spain declined by 7.2 percent in 2010 after skyrocketing 80 percent the previous year as the economic crisis deepened.
More than 5,800 firms filed for bankruptcy last year, an increase of 16.7 percent over 2010, while individual bankruptcies dipped 3.9 percent to 934.
The 2008 global financial meltdown came as Spain was struggling to contain the damage from the bursting of a decade-long real estate bubble. The ensuing slump has led to numerous business failures and pushed the country’s jobless rate to nearly 23 percent, representing 5.2 million people out of work.
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- Business bankruptcies in Spain rise - Apr 10, 2012
- Spain sells 3.2 bn euros in bonds at higher rates - Apr 18, 2012
- Spanish government takes controlling stake in ailing bank - May 10, 2012
- Spanish government prods banks to modify mortgages - Mar 11, 2012
- Mortgage activity in Spain falls - Dec 29, 2011
- Home sales in Spain fall - Aug 10, 2012
- Home sales fall in Spain - Aug 11, 2011
- Downward revision of Spain's GDP data - Aug 28, 2012
- Housing prices dip in Spain - Mar 16, 2012
- Unemployment eases in Spain - May 05, 2011
- Spain's risk premium hits euro-era record - Jul 20, 2012
- Spanish royals cut their own pay - Jul 18, 2012
- Spanish economy shrinks - Aug 29, 2012
- 15 arrested in anti-austerity protests in Spain - Jul 21, 2012
Tags: bankruptcies, bankruptcy law, business failures, decade, declaring bankruptcy, economic crisis, efe, financial meltdown, jobless rate, madrid, national statistics institute, previous year, property business, real estate bubble, rose 13, slump, spain, spanish firms