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Economic crisis sparks protests in Spain

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    Government struggling to reduce the deficit

  • Duration 1:52
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A new chapter of financial turmoil now in Europe with Spain's unemployment rate nearing a staggering 25%.

The Spanish government struggling to reduce the deficit and climb out of a recession.

The economic crisis sparking protests across that country in raising fears Spain.

Will need a bailout.

Greg Burke streaming live from Madrid -- how -- all this affect us back here in the US.

Harris that's right you know anyway you look at the numbers that have come in over the last week they're really bad news for -- unemployment also a Standard and Poor's downgrade both for the credit rating and for the banks also that the country is now officially in recession now.

Going through the streets in Madrid you can see some of the -- that there is in the country right now.

A lot of places for -- in town there's no doubt about that they stores have closed also people's apartments the problem is banks you know this.

They built on a huge real real estate boom and when he turned into a bus the bus was huge.

And -- is they're just wait too many banks out there with way too many bad loans now.

You know if you look at those unemployment figures it's now up 24 point 4% almost 25% among young people it's even worse right around 50%.

And that's not all.

The most painful theater in these Spanish economy is not be in the unemployment rate.

But that number all.

House hole.

We know people -- told it is more than.

More than one point 7 PM house.

Harris now you know what's interesting about that one point seven million means.

That means -- -- three million people are well over three million people.

And the worst thing is that the government says things are actually gonna get a little worse before they start to improve.

-- -- -- Reporting for -- thank you very much.

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