According to Solbes, Spain’s Finance Minister, the Spanish economy will contract by 1.6 percent this year, stating that “Spain faces its deepest recession in half a century”. The announcement comes as Standard & Poor’s stated that they will have Spain’s debt rating cut. Most economists however see an even gloomier future for Spain: “Spain has got some painful adjustments to make in its domestic economy over a number of years“. As if the GDP forecasts and S&P rating cuts weren’t enough, Solbes also stated that “unemployemnt this year will reach 15.9 percent…”.