Spain’s Euro 2012 heroes parted a red-and-yellow sea of cheering fans Monday, winding through Madrid’s baking streets on a victory parade that briefly eclipsed an economic crisis.

Captain Iker Casillas and his teammates passed around a silver trophy captured in their 4-0 thrashing of Italy, unleashing explosions of joy as they toured the capital in an open-top double-decker bus.

Hundreds of thousands of people lined the route, solidly packing steets from the pavement to the edge of the bus, chased by running fans, and escorted by mounted police.

Awaiting the party’s climax in Plaza de Cibeles square, fans packed in 36C (97F) heat and were sprayed with water hoses, dancing as pop groups played on a huge stage, backed by a giant video screen.

Spaniards swelled with pride after the thumping victory in the Ukrainian capital of Kiev delivered the nation an unprecendented third straight international football title after the Euro of 2008 and World Cup of 2010.

All the squad wore red tee-shirts emblazed with the words “Champions of Europe”.

Barcelona forward Cesc Fabregas laughed and waved to fans and Real Madrid’s Sergio Ramos danced in his seat. Coach Vicente del Bosque, in a white business shirt, leaned over and waved gingerly.

From apartment balconies draped with the Spanish flag, residents threw buckets of water to cool fans in the street down below.

“Champions, Champions!” sounded through the capital.

After touching down in Madrid-Barajas airport, captain Casillas stood at the door of the Iberia Airbus A319 and showed the Spain the first glimpse of the 2012 trophy on home ground.

King Juan Carlos, 74, still hobbling after injuring his hip during an African elephant-hunting safari, joined with the royal family in hailing the victors at the Palacio de la Zarzuela in Madrid.

“Spaniards are proud of you, really proud, and not only because each of you are good players but because as a team you are terrific,” he said before the players joined the national fiesta.

Casillas gave the king a Spain shirt with the number 1, signed by the entire team.

“The country is more united and people can forget their problems for a while,” said 27-year-old Jessica Pino in a team shirt, draped in the Spanish flag and with a Viking hat in the national colours.

“It cheers us up for a bit,” agreed her 26-year-old friend Gabriel Rodriguez, in similar garb, lining the route.

Their heroes looked weary but ready to celebrate.

“Satisfied and happy for the success. It was difficult and we did it,” Casillas, hailed as a key ingredient in Spain’s triumph, told reporters as he arrived at the airport.

“Happy because people enjoyed it,” he added.

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