The domestic employment outlook remains just as frustrating as close to six million Spaniards are unemployed, with a startling 56.1 percent youth unemployment rate. The youth unemployment rate in Spain is twice what it is in the rest of the Eurozone, and with such little prospects in their home country, most are choosing to leave. In the first few years of the Spanish crisis most of the unemployed had chosen to remain in Spain and relied on two-year redundancy packages to survive. 

With no end in sight to Europe’s financial strains, countries in Latin America are looking on as their one-time colonizers struggle to keep popular unrest over unemployment and austerity measures at bay. Many see signs of a historical shift in the trans-Atlantic power dynamic. Some, notably Mexico and Brazil, see opportunity. In early March, hundreds of thousands of Portuguese marched from Lisbon to the city of Oporto in protest over slashed budgets.