The economic hardships the stemmed from 2008 is still affecting millions outside of the US.
The Spanish population has struggled heavily in recent years with unemployment rate reaching as high as 25 percent.
Is a miracle in sight?
For many, likely, as millions of Spaniards tonight will be an opportunity to escape such hardships as a national lottery will be taking place tonight with billions in tax-free awards planned.
The country with 46 million people will be watching their television screens for "El Gordo" lottery, or "The Fat One" in English.
El Gordo tonight will be awarding $529,840 to one winner while more money will be awarded to possibly thousands of others.
In total, $3.3 billion in prizes are set to be distributed. The amount dwarfs the $550 million for the US Powerball won in late November.
According to Reuters, ticket sales dipped eight percent this year compared to last year's ticket purchases.
"It is no wonder that sales have gone down taking into account the economic situation we are going through. We are in crisis, people are out of work and have no income," said a spokeswoman for the National Lottery.
2011 El Gordo Reaction:
The winning numbers for the 2012 El Gordo is 76058.
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