Low economic growth at the beginning of the crisis was a significant obstacle. Unlike previous crises, this one devalued the euro compared to other global currencies and weakened consumption within Spain and other European nations.
The only alternative was widespread salary cuts, which have since become a reality. In Q4 2012, hourly wages fell by 3.1% to 15.9% in the public sector because of overtime cuts. Salary changes are driving our exports and indicators suggest that they are here to stay, a sign that the economy is progressing and the nation?s production model is changing.
