September : Government announces spending cuts , taxes . The country is considered ` ` too big to fail , too big to bail '' CNNMoney 's Aaron Smith , Alfred Souza and Ben Rooney , and CNN 's Tim Lister contributed to this report . Thousands of Spaniards have protested in the streets against austerity measures . Spain faces recession , has fourth - largest debt in Europe and high joblessness .
September : Government announces spending cuts , taxes . The country is considered ` ` too big to fail , too big to bail '' Thousands of Spaniards have protested in the streets against austerity measures . Spain faces recession , has fourth - largest debt in Europe and high joblessness .