One in four people are now officially out of work in Spain as unemployment in the debt-ridden country reaches another record. The grim news comes as Madrid's transport workers go on strike, adding to a sixth day of protests in the capital against austerity cuts.
That's as another epicentre of the EU crisis - Greece - looks likely to miss its promised deficit deadline. The forecast from the International Monetary Fund's debt inspectors comes a year after EU leaders applauded what they considered a key deal to save Athens.
Author and publicist F. William Engdahl, says all the measures the EU leaders are imposing are failing to address the core problems on the continent.
“Those banks remain the source of the problem. There is no lending going on to the real economy, and that`s the root cause of the 25 per cent unemployment in Spain and Greece and elsewhere across the EU,” he stated.