July 12, 2010
The following is an abridged version of an article that appears in the July 12, 2010 print and iPad editions of TIME.
The Polos are a typical Spanish family — unfortunately for them and for the European economy. Jesús, 59, has worked as an accountant at an electrical-parts supplier for 20 years. His job is protected by the extensive rights awarded to the Spanish permanent employee. By his estimate, his employer would have to shell out as much as $120,000 in mandated severance payments to lay him off, a prohibitive expense that likely gives him a job for life.
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