case discusses the economic crisis which hit Spain in 2007 and the various austerity measures taken by the government to beat the impact of this crisis Triggered by the bursting of the housing bubble Spains economy suffered a setback with its youth unemployment rate reaching 27 in 2013 Till 2007 Spain was a growing economy when its construction sector accounted for 12 of the countrys gross domestic product and housing prices were also at their peak Banks from Germany and other countries financed