Spain has a critical and essential employment problem: high chronic unemployment and job insecurity. Both of these are among the key causes of an embarrassing inequality, one of the worst in Europe.

Then, to complicate the solutions, comes the problem of the high public deficit, which has increased over the last decade as an inevitability. A debt aggravated by its dependence on external financing with a bias toward instability. And at the heart of this debt is the chronic deficit accumulated over the last decade in the pension system, which widens its deficit every year. (more…)