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There's no end in sight to the debt crisis in Europe. Under pressure from creditors, the governments of Greece, Spain, Ireland and Portugal have all introduced austerity budgets.

And as NPR's Sylvia Poggioli reports from Madrid, that has fed a growing sense of hopelessness and anger among young people.

SYLVIA POGGIOLI: Madrid's central square, Puerta del Sol, is the epicenter of a new and unexpected movement of those who call themselves the indignados, the angry ones.

(Soundbite of chanting)

POGGIOLI: Chanting they do not represent us, protestors denounce a political class they say has ignored the plight of the younger generation.

University student Hara Bustos sees a bleak future.

Ms. HARA BUSTOS: It's very, very difficult to find a job. Even if I find a job, they will pay 500 euros, and I can't afford a flat with 500 euros. OK. I'm going to stay in my parents' house until I'm 40. I can't do anything else.

POGGIOLI: The jobless rate among Spain's generally well-educated young people has reached nearly 45 percent, a record in any industrialized country. Until a few years ago, Spain was the European Union poster child: self-confident and big-spending. But in 2008, the real estate bubble burst and millions of jobs were lost.

The government imposed sharp austerity measures: cutting public service workers' salaries, freezing pensions and drastically reducing public expenditures. The immediate results: a 20 percent drop in consumption and Europe's highest jobless rate, 21 percent.

Commentator Carlos Elordi says, up to now, the younger generation has been cushioned from the crisis by an informal safety net - family solidarity.

Mr. CARLOS ELORDI (Commentator): (Through Translator) Kids have gone back to live with their parents. Dad gives his son 300 euros a month. The uncle helps out a little. This system works here, especially in smaller towns.

POGGIOLI: Many Spaniards are anguished to see their offspring - with degrees in law or engineering, for example - forced to return to their parents' home, destined to live much below their just aspirations.

And now the specter of outright poverty hangs over the Spanish household. Economist Juan Jose Dolado says the number of jobless breadwinners is growing fast.

Professor JUAN JOSE DOLADO (Economics, Universidad Carlos III de Madrid): I think 8 percent of the households in Spain don't have any member working. So 1.4 million households have all their members inactive.

POGGIOLI: The new protest movement, born on Internet websites and Twitter, has raised the consciousness of an even broader sector of Spanish society. It has spread to 60 cities. And in the evenings, the crowds at the urban encampments swell to the tens of thousands.

However, Jose Alvarez Junco, professor of political science, is pessimistic the movement will bring about a change of economic policies.

Professor JOSE ALVAREZ JUNCO (History of Political Ideas and Social Movements, Universidad Complutense de Madrid): I hope that the crisis will pass, but I really don't see any sign. And it's a loss. It's a waste of resources with these people who have been very well trained.

POGGIOLI: Thirty-four-year-old Damian Einstein, who has a job and supports the protesters, says sometimes crises are necessary.

Mr. DAMIAN EINSTEIN: Crisis is change. Crisis is reflection. So sometimes you have to go two steps backwards to go one forward.

POGGIOLI: Einstein says the movement is here to stay - either in city squares or on the Internet. It has put two main issues on the agenda, he says: How can deficits be cut in the midst of a recession? And what are the social costs of keeping an entire generation on the margins of society?

Sylvia Poggioli, NPR News, Madrid.

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