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Spain 24% Unemployment RateApril 2012 According to data released on April 27, 2012 Spain's unemployment in the first quarter of 2012 reached a record 24% unemployment rate, the worst in the last 18 years and one the worst world unemployment rates. Spain's Credit Rating DowngradeOctober 2011 Fitch credit rating agency downgraded on October 7 Spain's long term sovereign debt rating by two notches from previous AA+ to AA- with a negative outlook for Spain. Despite the downgrade Fitch views Spain's sovereign solvency as secure. Iberia British Airways Merger ApprovedNovember 2010 The shareholders of Iberia and British Airways approved on November 29, 2010 a $ 8.9 billion merger between the two airlines creating the world third biggest airline. The British approval is still subject to a further court decision. The merger will create a new holding company named International Consolidated Airlines Group . According to the memorandum of understanding BA shareholders will get one new share of the new company for each existing BA share, while Iberia shareholders will get 1.02 shares in the new company for each existing share in Iberia. The merger is expected to take effect in January 2011. |
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