By  on February 25, 2013

MADRID — The situation couldn’t be worse: Consumer spending is on the skids, unemployment reached 26 percent last year and the government instituted a string of austerity measures.

Still, the show went on. Mercedes-Benz Fashion Week Madrid, with a budget of about $4 million, ran Feb. 18 to 22 in the fairgrounds here. The five-day event featured 42 runway shows (two fewer than last February), including a group of 10 up-and-comers under the banner El Ego.

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