As with Greece, Spain would have been better off never having entered the Euro. They have never been a fiscally responsible country (like all Mediterranean countries), and they were doing excellent with their weak and mildly depreciating (around 5-10% annually vs the D-Mark) currencies... People had work, because Northern Europeans came as tourists and bought holiday homes, because it was cheap. The Euro has been like an atomic bomb on southern Europes economies, total devastation...