Spain has become the second Eurozone country to exit its bailout program on Thursday. The 18-month long program saw 100 billion euros made available to shore up the country's banking sector.
Fresh numbers show the country's economy grew by 0.3 percent in the fourth quarter in 2013, but annual GDP shrank 1.2 percent from a year earlier.
Spain has followed Ireland's path to quit tapping more European loans, as the government demonstrated its ability to pay lower rates to borrow money and service its debt.
EU Commissioner Olli Rehn says the Spanish program has worked, but warns the country still faces tough challenges. One in four people are out of a job, and youth unemployment is pushing 60 percent.
Although Spanish banks are out of trouble for now, they will still have to pay back what they've already borrowed over the next 15 years.