In 2012, Spain received billions of dollars from the European Union to rescue its banking system. The Spanish government then undertook a tough policy of fiscal austerity, prompting popular protests.

Portugal received a loan package from the Eurozone countries in 2011. The European Central Bank (ECB) and the IMF allocated €78 billion to support the country. In return, Lisbon lowered the salaries of state employees, cut social benefits and increased taxes.