MADRID (AP) — Telecom giant Telefonica on Tuesday announced phone bill discounts of up to $26 for unemployed owners of mobile and fixed phones in Spain to help them cope with the economic crisis.

Spain has the highest unemployment rate —nearly 14 percent— in the European Union, with an estimated 3.5 million people out of work.

Announcing the measure, Telefonica Chairman Guillermo Ansaldo said unemployed phone owners could obtain up to 50 percent discounts in their monthly landline and mobile bills, although there would be a 20 euro ceiling on both discounts.

"This is not a measure to capture new clients but one to help out those with problems," Ansaldo said.

Telefonica expects some 500,000 people to benefit from the measure.

The offer is a one-off and will last until the year's end, Ansaldo said. It is open to people who have had accounts with Telefonica for at least six months.