You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Ranks of jobless in Spain edge up toward 5 million

MADRID — The number of people registered as unemployed in Spain has edged up toward 5 million as a recession shows few signs of abating and struggling banks await bailout cash.

The Labor Ministry said unemployment rose a monthly 74,296 in November, or 1.5 percent, to a record 4.9 million. The unemployment rate is released separately, and quarterly. It stood at 25 percent at the end of the third quarter; youth unemployment was above 50 percent.

Continue reading below

The figures came Tuesday, a day after European finance ministers approved release of $51.6 billion in bailout aid for Spanish banks hit by the real estate collapse in 2008.

The funds are part of a $131 billion rescue package earmarked for Spain’s banks. The loan package is designed to ease pressure on the government so it can concentrate on national finances and avoid a full-blown sovereign bailout.

The latest installment includes $48.5 billion in loans for four banks already nationalized by the government: Bankia, Catalunya Caixa, Novagalicia, and Valencia Bank.

They must reduce the size of their businesses by 60 percent, cut the number of branches by 50 percent, stop lending to real estate development, and concentrate on retail loans and those to small and medium-size companies.

Many analysts think Spain’s banks will need much more.

‘‘One can’t help feeling that the amount being asked for could be one of many requests over the coming months,’’ said Michael Hewson, at CMC Markets. ‘‘With the aid being conditional on sweeping job cuts . . . the effects are likely to be felt across the entire Spanish economy, which is already seeing tax revenues shrink sharply.’’

Spain’s 17 semiautonomous regions managed to improve their finances in the first nine months of the year; their joint deficit stood at 1.14 percent of Spain’s GDP.

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.