Spanish Unemployment

The BBC points out that unemployment is almost 23% in Spain.  Mind you, thats the good news.  If you're under 25, the unemployment rate is almost 50% (yeah, thats not a typo).

How exactly d'you think that austerity is going to help out here? Somehow cause the magical employment fairy to show up?  I smell a deflationary spiral coming up...

Note: Do remember that before the crisis, Spain was one of the good guys, with a budget surplus, a AAA rating, and a lot of envy from others...