The Bank of Spain has predicts surge in jobless

Spain has the highest unemployment rate in the European Union, with a rate of 15.5% in February, nearly double the EU average, according to Eurostat,

The Bank of Spain is also predicting that the public deficit will hit 8.3% this year and 8.7% in 2010, which is well over the eurozone limit of 3%.

It said that the economy would contract by 3% this year and 1% in 2010.