It's yet another example of the amazing, unprecedented and roaring success of austerity!
The Spanish economy contracted 0.3% in the first quarter of 2012, the second straight quarter of economic decline, officially putting the economy into recession, according to preliminary data released by the national statistics office. In the fourth-quarter of 2011, gross domestic product fell 0.3%. On an annual basis, GDP fell 0.4% in the first quarter, compared to a 0.3% annual rise in GDP in the fourth quarter of 2011. The government is targeting a 0.2% rise in GDP for 2013, but expects the economy to contract 1.7% this year. Economists polled by FactSet Research had forecast a 0.4% contraction in the first quarter, matching an estimate by the Bank of Spain
We've been over this more than a few times, so I'll make this brief:
Ireland tried it: fail
The EU tried it: fail
The UK tried it: fail
Spain tried it: fail
Folks, the data (as in facts) show a clear pattern: it doesn't work as advertised.