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Social bonds help families whether Spanish economic crisis

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Firefighters hold up their helmets during a protest against austerity measures announced by the Spanish   government in Madrid, Spain, Thursday July 19, 2012.

Firefighters hold up their helmets during a protest against austerity measures announced by the Spanish government in Madrid, Spain, Thursday July 19, 2012.

AP/Andres Kudacki

Firefighters hold up their helmets during a protest against austerity measures announced by the Spanish   government in Madrid, Spain, Thursday July 19, 2012. (AP/Andres Kudacki)

Firefighters hold up their helmets during a protest against austerity measures announced by the Spanish government in Madrid, Spain, Thursday July 19, 2012. Concerns over Spain’s attempts to restore market confidence in its economy resurfaced Thursday after a bond auction went poorly and its borrowing costs edged higher - even as the country’s Parliament passed the latest round of harsh austerity measures designed to cut its bloated deficit. (AP Photo/Andres Kudacki)

Andres Kudacki/ASSOCIATED PRESS

Spaniards have been hard hit by Europe’s economic crisis. While Spain has managed to avoid an EU-backed financial bailout like Greece or Portugal, its unemployment rate has hit nearly 25 percent. The government has slashed salaries for public employees and cut unemployment benefits.

Pensions have managed to survive for the moment and many families are now relying on elderly pensioners for survival. The family network has always been important but it’s become the main economic lifeline for many families.

Joining Worldview to discuss the Spanish economic crisis are Regina Grafe, an economic historian who focuses on  Spain, and Ted Fishman, author of Shock of Gray, a book which examines the economic and cultural impact of the world's aging populations. He has a chapter on Spain.

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