As Greeks run to the bank to pull out euros in preparation for a possible bankruptcy, economic meltdown, and exit from the Euro – the nation of Spain is also starting to collapse under trickle-down austerity. New economic numbers show Spain fell back into a recession in the first quarter of this year – with its economy shrining by .3%.
Spain has the fourth biggest economy in the Eurozone, but tops the list when it comes to unemployment with a staggering 24.4% of the nation’s workforce out of a job. Even though austerity is clearing not working – the Spanish government remains committed to lowering deficits through severe budget cuts and eliminating the social safety net. Stay tuned – Greece is in free fall now – but Spain could be next.