Austerity is not working for Spain.

Spain's debt rose to 92.2% of GDP in Q2 from 90.1% in Q1 and came in above the government's year-end target of 91.4%. In monetary terms, debt increased to €943B from €923B. Spain's debt load has almost doubled since 2008, when the country's property bubble burst and triggered a deep recession, while the burden has increased from 73% in Q1 last year. The sharp climb has come despite the government's deep austerity measures that were supposed to ease the debt load.