Spain has come in first place on Moody’s list of miserable countries for 2010. Despite all of Spain’s attractions, the economy is in a terrible state – a combination of the soaring unemployment rates with an exploding budget deficit.

Spain, once the engine behind European employment, counts for nearly half of the euro region’s increase in unemployment over the past year.

Other economies high on the 16-country misery tour are Latvia, Lithuania, Ireland and Greece. The U.K. is the most miserable G-7 country, at No. 6 on the index, with the U.S. in seventh.