Don't miss

Replay


LATEST SHOWS

ENCORE!

The highs and lows of Cannes for the critics

Read more

EYE ON AFRICA

Remembering our friend and colleague Jean Karim Fall

Read more

MEDIAWATCH

Bad diplomacy, brawls & bromance

Read more

ENCORE!

Cannes 2017: Pitch Perfect's Brittany Snow becomes an urban warrior

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 1)

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 2)

Read more

FOCUS

The battle against illegal fishing in West Africa

Read more

DOWN TO EARTH

Trump has already quit the Paris climate deal - just not publicly

Read more

#TECH 24

The Ice Memory Project: A treasure trove for future scientists

Read more

Unemployment comes knocking in Villacanas

Video by Adeline PERCEPT

Text by FRANCE 24

Latest update : 2008-10-25

The door construction industry in Villacanas, flourishing until recently, has been hit hard by the bursting of the Spanish property bubble and the ensuing financial crisis. Factories are closing, and unemployment is spiralling.

At the height of the boom in Spain's housing sector, the little town of Villacanas produced 70% of doors made with Spanish wood. In 2006, the local factories employed 5,600 people.

But since then, the property bubble has burst and the shockwaves of the international financial crisis are beginning to be felt in Villacanas. As a consequence, 1,800 people have been laid off.

“What's going on here is no more, and no less than the consequences of what has happened in a globalised world”, admits Lorenzo Fernandez, a local pensioner. To be able to keep making doors, companies need bank loans. “The banks have cut off the flow of guaranteed short-term loans”, deplores Santiago Garcia-Aranda, the mayor of Villacanas. And local business people fear the worst may be still to come.

 

To watch the report, click on the video at the top of the page.

Date created : 2008-10-25

COMMENT(S)