Increasing hardship and soaring unemployment sparks Spanish migration

Formerly considered the least likely of all Europeans to give up on their country, increasing numbers of Spaniards are leaving for their former South American colonies in search of work.

Unemployment in the country now stands at an overall figure of 25 per cent, with 50 per cent of younger nationals unable to find work. Ironically the exodus to Latin America coincides with that of a far larger number of migrants from Mexico, Chile, Brazil, Venezuela and Ecuador who arrived in Spain during the boom years and are now leaving for better opportunities in their home countries.

At the present time, Latin America is experiencing growth, while Spain is heading downhill along the road to a bailout and even more austerity measures. The country is coming up to its third year of debt crisis, with nervous investors pressuring for a reduction in its public deficit as proof the government can put its financial house in order.

Prime Minister Mariano Rajoy has slashed spending, hitting hard on state-supported internships, education and training schemes, With even optimists conceding the situation will deteriorate further before it improves and a spokesman for JP Morgan Bank advising the younger unemployed to emigrate, some Spaniards are comparing the upward migration trend with the Franco era in the late 60s when hundreds of thousands fled the country.

According to Reuters, Fedea’s Fernandez Huertas doesn’t yet see the present migration rate as an exodus, but adds that the speed of the increase is worth noting.Bill Adams for US-based PNC Bank notes the reversal of fortunes which may result in Spanish migrants to Latin America sending money to their families in Spain, adding that the trend might just net a positive. At present, remittances into Spain from nationals living and working overseas total €6.7 billion.