By Mark Mulligan
Published: April 26 2008 04:48 | Last updated: April 26 2008 04:48
Of a combined monthly income of €1,400 ($2,200, £1,100), Rosa Dominguez and her partner send €200 a month to their two daughters in Bolivia, where they live with their grandmother.
The remittance, which has hardly varied since the couple arrived in Madrid two years ago, allows the girls, who are eight and 10, to eat well and treat themselves to the occasional new dress.
The girls, however, would be the first to suffer if one of their parents joined the swelling ranks of unemployed immigrants in Spain. “Obviously, we’d have to send less money,” says Rosa, who earns €400 a month as a part-time nanny. [Read more]
The whole world is experiencing a tough time thanks to the economic slowdown in the US. Whether you think of the OFWs or the Latinos based in the US, the effect has been uniform. In the past few months some European economies have also experienced slowdowns and it is indeed a reason to worry. The case study on Spain is an eye opener because whenever one thinks of the sources of the remittances, US and UAE top the list. This report shows how susceptible all the economies are to economic slowdowns.
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