Superpower to super-broke: Spain's riches to rags story

Spain is not facing just a liquidity crunch - its very fabric of governance has been torn part by corruption. "I am a civil servant and work in a ministry. In Spain, if you want to work in the administration you have to pass very hard exams to get the job. The system is supposed to be used to select people due to their competence but I see very closely how politicians use the administration to give very good jobs to their sons, brothers and sisters. I heard on the radio this week that a kid who brings his own food to school for lunch has to pay about five euros just for it to be looked after yet a member of parliament pays 3.55 euros for a full meal," said Maria, a civil servant.

Even if Spain wants to create jobs it can't - at least not in the numbers it wants to. If you are a graduate in Spain you will find it very difficult to get a job, as you need to be at least an MA or a PhD to land a decent-paying job. At the same time, education is very expensive - so how will jobs be created if there is non-availability of labour or if it's expensive? "I am chasing every vacancy going, like jobs as a waiter, carpenter or plumber on the "black economy", which is what enables many people to gain their bread day in, day out. Three members of my family are currently unemployed: myself, my father and my younger brother. Many people in my neighbourhood rummage through garbage bins looking for something to eat or sell in the black market," said Ignasi Jorro, an unemployed youth.

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