Campeones!

As many of you are probably already aware, Spain received the World Cup victory yesterday in a 1-0 extra time defeat over Holland. This is a first time victory for Spain, and it has re energized the country despite their struggling economy. When the football team arrived back in Spain on Monday morning, "Campeones! Campeones!" and the waving of Spanish flags was seen and heard throughout Barcelona. It is an especially happy time for Spain, due to their struggling economy and domestic issues. Some economists believe that Spain's newly found glory will offer temporary relief to the country's economic instability by aiding in consumption. Others, are not as optimistic.


Based off of the few articles that I have read by the Associated Press, I believe that not only will the win increase the rate of tourism, but it will also reinforce the confidence that the people of Spain have in their own country and provide a sense of unity. This is especially significant in their current 20 percent unemployment rate. According to an article by the Associated Press, the win may or may not affect the economy in the long run, but when Germany won the world cup in 2006 they had a GDP gain of 0.7 percentage points! If Spain were to be affected by the win to the same degree that Germany was in 2006, then Spain is definitely in for a treat. Not to mention the fact that Spain is the third most visited country in the world behind France and the United States. A (hopeful) increase in tourism, which accounts for 10 percent of the country's GDP, will just add to the delight.

The affects of the win for Spain may not last very long, but it will certainly help while Spain looks for other ways out of their national crisis. They are Europe's fifth largest economy and the domino effect is sure to fall into place eventually branching out to the other countries that contribute to Europe's wealth.

Another factor of the win that may play into Spain's economy going up is a possible newfound sense of unity. Since 1968, the region of Bilbao has been trying to gain independence from Spain. Before Sunday, wearing a Spanish football jersey was asking for insults and ran the risk of being assulted on the streets. Now, after Spain's win, some citizens have been seen freely wearing the red and yellow colors of the winning team and flags have been waved in support for Spain as a whole. The question as to whether this will be a permanent change still hangs over many Spaniards, but it certainly offers hope to some.