After adopting the euro, the Spanish economy initially benefited from sharply lower interest rates, spurring a property bubble. However, with the onset of the global financial crisis, property prices collapsed, causing widespread layoffs, and pushing unemployment to more than 26 per cent by the end of 2012. Spain received a bank bailout from the European Central Bank in 2012.
Jese Rodriguez's strike sends Real Madrid into King's Cup semi-finals
Carlo Ancelotti's men set a club record of eight consecutive games without conceding a goal
Real Madrid eased into the semi-finals of the Copa del Rey with a 1-0 win over Espanyol at the Santiago Bernabeu to progress 2-0 on aggregate.
Jese Rodriguez got the only goal of the game after just eight minutes as Madrid set a club record by not conceding for the eighth consecutive game.
Espanyol keeper Kiko Casilla managed to keep the score down as he frustrated Cristiano Ronaldo on a number of occasions.
However, it was to no avail as the visitors could not find a way through and ended with 10 men after Victor Sanchez was sent off late for two bookable offences.
Real boss Carlo Ancelotti praised the excellent start to 2014 made by his side's central defenders, as they sealed an eighth win in January without conceding a single goal.
"I think that the system gives us confidence. We have good defensive balance because the whole team works to recover the ball quickly and the central defenders have been playing at a very high level," he said.
Los Blancos face high-flying Athletic in the league on Sunday and Ancelotti insisted that despite Jese netting the winner in the absence of the injured Gareth Bale, the Welshman will start at San Mames if he is fit.
"If Bale is fine then he will play, but that is not to say that Jese isn't another option because he is very dangerous at the moment," he said.
"I don't care who we meet [in the next round] because both teams are in very good form. We all know everything about Atletico Madrid, but Athletic are playing very well too and it will be a very difficult and important tie."
Jese continued his case for more first-team action as he confidently fired them ahead after being found by a fine long-range ball from Xabi Alonso.
Casilla could have done better on the goal, but he more than redeemed himself for the rest of the half as he made a series of saves, most notably from Ronaldo and Angel di Maria.
The visitors began to provide a threat of their own towards the end of the half and Pizzi was unlucky to see his sweetly struck volley fly over the bar a minute before the break.
Casilla denied Ronaldo once more with another excellent stop at the beginning of the second period.
However, it was Real goalkeeper Iker Casillas who made the headlines in the second-half as he broke another club record by extending his own personal run without conceding a goal past 11 hours.
And any doubt over the result of the tie was ended when Sanchez was shown a second yellow card for handball 13 minutes from time.