Just before 8am, a small shrine to St Fermin is set up in a wall and everyone starts chanting and waving rolled-up newspapers, asking the 12th-century saint to keep them safe. The sun breaks over the tops of the narrow streets as I hear the first fireworks go off. Everyone starts running.
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.