As much as it pains me to write this story, it is still highly relevant because Standards and Poor’s rating service has downgraded Spain’s Canary Islands today from A+ to AA-, which only demonstrates Spain’s current financial struggle.
This is a massive blow to the region but the credit rater has also warned that the region could suffer further downgrades as it has been flagged with a “creditwatch negative status”. This basically warns of problematic public finances and high unemployment issues stemming from the year 2008 which has worsened over time. From data received in September of this year, unemployment stands at approximately 25% and is predicted to increase over the upcoming year.
