Crisis? What crisis? Spain rejoices in Euro win

In an explosion of red-and-yellow joy, Spanish fans burst into chants of "Champions, Champions!" on Sunday to greet a thumping Euro 2012 win that briefly dispersed the clouds of economic crisis.

Young and old joined in the celebrations, flying the national flag in their hands, from car windows and off the back of motorbikes while beeping their horns to celebrate a history-making 4-0 victory over Italy.

Spain's red-and-yellow colours were everywhere: painted on faces, decorating wigs, on banners draped over fans' shoulders, wrapped around hips and on two-euro ($2.50) flags waved by old and young.

Tens of thousands followed the action on giant screens in an official fan zone outside Real Madrid's Bernabeu stadium, as Spain took an unprecedented third straight international football title.

Others swilled beers, cheering and gasping in bars across the nation as the thriller unfolded on television.

"Today the whole country is united as one and everyone is in the Euro. And the crisis? No-one is thinking about the crisis," said 23-year-old business student Miguel Revert outside a central Madrid sports bar.

Cries of "Campeones, Campeones (Champions, Champions)" began echoing through Madrid's streets from half-time when Spain were already 2-0 up in a game many agreed was their best of the tournament.

In Madrid's fan zone, crowds joined in an uproar of delight as Spain scored their first goal and the celebrations grew as the score board kept notching up the victory tally.

"We're going to win this game," they cried as each goal swept the defending champions nearer to the title.