That's why nobody hires unless it's absolutely necessary. If a Spanish employer hires workers anyway, it's usually on short-term poorly paid contracts.
Speaking about the credit bubble, at the heydays of it, from 2003 to 2008, people purchased homes in masses and took up mortgages in droves, without thinking much about the future. To be fair to the Spanish people, the bankers at the European Central Bank in Frankfurt, Germany, also didn't think much about the future
I apologize to any Spanish person who may find the above commentary offensive, but that's the way it is. Sorry.