Knowledge (XXG)

2008–2014 Spanish financial crisis

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938:. This rating allows the ECB to use a lower margin for banks that borrow with Spanish debt as collateral. After a more recent review, Moody's maintained Spain's investment-grade credit rating, removing the pressure on the country's debt. This decision by Moody's assured that Spanish bonds will continue to gain investor support; yields fell 5.50%, a level last seen in April 2012. Although Moody's can still downgrade the country's ratings in the future, the decision to not downgrade will encourage the buying of Spain's bonds. 311:. While some observers suggest that a soft landing would occur, others suggest that a crash in prices is probable. Lower home prices would allow low-income families and young people to enter the market; however, there is a strong perception that house prices never go down. As of August 2008, while new constructions have come virtually to a halt, prices have not had significant movements either up or downwards. The national average price as of late 2008 is 2,095 euros/m. 36: 137: 832: 224:(ESM). In addition to applying for a €100 billion bank recapitalization package in June 2012, Spain negotiated financial support from a "Precautionary Conditioned Credit Line" (PCCL) package. If Spain applied and received a PCCL package, irrespective to what extent it subsequently decided to draw on this established credit line, this would at the same time immediately qualify the country to receive "free" additional financial support from the 538:, Spain suffered a severe setback in October 2008, when it saw its unemployment rate surging to 1996 levels. Between October 2007 and October 2008, Spain had its unemployment rate climb 36%, exceeding by far the unemployment surge of past economic crises like 1993. In particular, in October 2008, Spain suffered its worst unemployment rise ever recorded and, the country has suffered Europe's biggest unemployment crisis during the 2008 crisis. 980:
put in place to restore the economy. Many youths are trying to find jobs abroad, creating a problem for the future domestic economy and job market. Rajoy proposed a new budget for 2013 that would cut government spending by 8.9%. By April 2013, unemployment had risen to 27%, but decreased to around 15%-16.1% as of February 2018, and Spain became one of Europe's fastest-growing economies, thus demonstrating that the country was improving.
947: 996:. The Statute of Autonomy included a package of laws that gave more power to the region and would have recognized Catalonia as a nation, although one still within Spain. As with the rest of Spain, Catalonia has had high levels of unemployment. As many as 22% of the economically active population were unemployed, which is still lower than Spain's national jobless rate, yet higher than Madrid's. In 2010, 812:, a rarity in a country with so many coastal towns. Indeed, the EU as a group saw a decline in tourists coming to their countries in 2008 and 2009, with −13% tourism growth in coastal Spain. Despite its traditional popularity with Korean and Japanese tourists, the relatively expensive cost of holidaying in Spain led many to pursue "sun and beach" Mediterranean getaways in Turkey, Spain's tourism rival. 863: 258: 749: 979:
and his left-wing government. Trying to get Spain out of the highest unemployment rate in the European Union proved to be harder than expected. The bailout for Spain was estimated to be insufficient to restore the economy. With a serious level of debt in the country, substantial cuts would have to be
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confirmed that the total number of people leaving the country (Spaniards and non-Spaniards) had over taken the number of arrivals. Spain is now a net emigrant country. There are now indications that established immigrants have begun to leave, although many that have are still retaining a household in
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for a paycheck. The State Secretary for Unemployment states that higher education is a way for the current generation to battle this issue; however, government cuts are occurring that slash university staff salaries and increase the number of students per class. For those paying their own way through
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Unemployment for those under 25 was reported to be up to 50%. Spain's current generation is considered the most educated that the country has ever had, yet it faces the greatest rate of unemployment in Europe. Roughly 68% of young people are willing to leave the country to search for a job, and those
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and the 10-year bond yield at 7.5% (23 July 2012), Spain's economic minister traveled to Germany to request that the ECB facilitate government bond purchases to "avoid an imminent financial collapse". Promised borrowing by the ECB enabled Spain's 10-year yield to stay below or close to the 6% level,
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Spain, as in other southern European nations, relies heavily on the inter-generational family structure for a significant portion of the social safety net. Employment expectations should be adjusted for this cultural ethos. The unemployment rate for the "principal breadwinner" is 12.4% less than the
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Spain's unemployment rate hit 17.4% at the end of March 2009, with the jobless total now having doubled over the past 12 months, when two million people lost their jobs. In this same month, Spain had over 4 million people unemployed, By July 2009, it had shed 1.2 million jobs in one year and was to
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Since then, the country's borrowing costs have reached levels deemed unsustainable in the long run, raising the prospect of a second aid program for Madrid following the 100 billion euro lifeline it obtained for its banks in June. Spain expected the European Commission to approve the restructuring
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Housing prices were projected to fall another 25%. Government protections allow banks to avoid marking-to-market to postpone losses. "Spanish housing prices are now falling at the fastest pace on record" dropping 15.2% over the last year. Mortgage holders must continue to pay the debt even after a
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House ownership in Spain is above 80%. The desire to own one's own home was encouraged by governments in the 60s and 70s, and has thus become part of the Spanish psyche. In addition, tax regulation encourages ownership: 15% of mortgage payments are deductible from personal income taxes. Even more,
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Spain entered the crisis period with a relatively modest public debt of 36.2% of GDP. This was largely due to ballooning tax revenue from the housing bubble, which helped accommodate a decade of increased government spending without debt accumulation. In response to the crisis, Spain initiated an
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would enable the Spanish government to make a formal request for the €100 billion credit line. Further analysis and tests would be undertaken prior to restructuring and recapitalization over the following year. Restrictions on the credit line exempting funds from covering "legacy assets" suggests
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It was later revealed that nearly all the Spanish representatives in Congress had large investments in the housing sector, some owning up to twenty houses. Over time, more and more news has emerged about the informal alliance between Spanish central and regional governments and the banking sector
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interest). In 2004, 509,293 new properties were built in Spain and in 2005 the number of new properties built was 528,754. In a country with 16.5 million families, there were 22–24 million houses and 3–4 million empty houses. From all the houses built over the 2001–2007 period, "no less than 28%"
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against its main trading partners, an above-average inflation rate, house price increases, and a growing family indebtedness. During the third quarter of 2008 the national GDP contracted for the first time in 15 years, and, in February 2009, Spain (and other European economies) officially entered
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In stark contrast to countries like Ireland, no nationalization took place. Instead the problem was rolled over with the extension of the remaining real estate companies debts, while the central government bailed once and again banks and cajas alike. For more than three years, there was a steady
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As of October 2010, the Spanish economy continued to contract, resulting in decreasing GDP and increasing inflation. From 2011 to 2012 alone, prices rose 3.5% as compared to 2% in the United States. The rise in prices, combined with the recently implemented austerity measures and extremely high
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A larger economy than other countries that have received bailout packages, Spain had considerable bargaining power regarding the terms of a bailout. Due to reforms already instituted by Spain's conservative government, less stringent austerity requirements were included than for earlier bailout
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Spain's unusual accounting standards, intended to smooth earnings over the business cycle, have misled regulators and analysts by hiding losses and earnings volatility. The accounting technique of "dynamic provisioning", which violated the standards set by the International Accounting Standards
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to the Spanish government. The Spanish government was then expected to give the appropriate amount of money to the respective banks. On 21 June 2012 it was decided that 62 billion euros would be shared among the Spanish banks in need. The European Union warned that rescued banks are subject to
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bubble and the accompanying unsustainably high GDP growth rate. The ballooning tax revenues from the booming property investment and construction sectors kept the Spanish government's revenue in surplus, despite strong increases in expenditure, until 2007. The Spanish government supported the
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standards. The banks in Spain were able to hide losses and earnings volatility, mislead regulators, analysts, and investors, and thereby finance the Spanish real estate bubble. The results of the crisis were devastating for Spain, including a strong economic downturn, a severe increase in
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announced on 11 July 2012 €65 billion of austerity, including cuts in wages and benefits and a VAT increase from 18% to 21%. The government eventually succeeded in reducing its budget deficit from 11.2% of GDP in 2009 to 8.5% in 2011, and it was expected to fall further to 5.4% in 2012.
774:" that is constantly looking for work and whose futures are closed off from "good careers". The stress of unemployment has also affected personal relationships, with many young adults separating from their partners. Youth unemployment is about double the overall rate of unemployment. 425:
have been prevalent: it has been speculated that this was because of the fear that laid-off senior members would talk about the sector's rampant malpractice. To this date, no bankers have been legally charged for having roles in this process.
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held an emergency meeting to discuss how to inject capital into Spanish banks. The IMF estimated the capital needs of the Spanish banks to be about 40 billion euros. The Eurogroup announced intentions to provide up to 100 billion euro to the
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their studies, the tough economy has made it nearly impossible to find a job and study simultaneously. Hopes for the future are dwindling as Spain's unemployment rate is almost as high as it was for the United States during the
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process of bank concentration. Spain had the densest bank office net in Europe, which led many bank employees to be dismissed. By contrast, bank board members have mostly kept their roles, even those in merged entities.
205:. The economy contracted 3.7% in 2009 and again in 2010 by 0.1%. It grew by 0.7% in 2011. By the 1st quarter of 2012, Spain was officially in recession once again. The Spanish government forecast a 1.7% drop for 2012. 296:, between June 2007 and June 2008, Spain has been the European country with the sharpest plunge in construction, with actual sales down an average 25.3%. So far, some regions have been more affected than others ( 1057: 66: 358:
instead, as Spain registered in January 2009 its lowest inflation rate in 40 years which was then followed in March 2009 by a negative inflation rate for the first time ever since this statistic was recorded.
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The high unemployment rate, at 56% as of June 2013, has been considered to be overstated. Subtracting students and young mothers not looking for jobs, the actual number is closer to 22%.
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deals" in which the debt is cancelled if the property is surrendered, allowing the bank to quickly sell and recoup a greater percentage of the loan or turn the property into a rental.
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Even though some fundamental problems in the Spanish economy were already evident far ahead of the crisis, Spain continued the path of unsustainable property led growth when the
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found themselves left with the collateral and properties of those companies, namely overpriced real state and residential-zoned land now rendered worthless, rendering the
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The provision of up to €100 billion of rescue loans from eurozone funds was agreed by eurozone finance ministers on 9 June 2012. As of October 2012, the so-called Troika (
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plans of the banks needing aid on 15 November 2012 and then to authorize the disbursal of the first credit line of up to 100 billion euros within three weeks after that.
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its banks, its debt will approach 90% of GDP. To avoid this, the EU pledged to lend to banks directly although it then appeared that the Spanish government might have to
3278: 401:, while all the major parties are significantly indebted with banks, and such debts are extended from time to time) which increased the bubble size over the years. Most 463:
On 9 June 2012 Eurozone finance ministers agreed that Spanish banks would be provided with up to €100 billion of rescue loans. This money was to be distributed via the
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welcomed the move, praising the combination of a "thorough restructuring of the banking sector", structural reforms, and fiscal consolidation; U.S. Treasury Secretary
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In May 2012, Spanish banks lent €1.66 trillion to the private sector and took in €896 billion. Historically it would borrow the difference from foreign banks (i.e.,
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25% overall rate (June 2012.) Employment is also found in the underground economy, which is estimated to be as large as 20% of the economy during the boom years.
4739: 4678: 4641: 3320: 2121: 1027:, which was downgraded to being a more informal ballot after further intervention by the Constitutional Court. The dispute remained unresolved as of March 2015. 522:. This is part of a €37 billion EC bailout or restructuring approved in June 2012. It included loss-taking by investors of up to €10 billion, the creation of a " 5579: 4857: 4475: 3211: 1121: 4799: 2237: 1624: 5498: 4338: 3089: 569: 326:. For instance, the town of Valdeluz was constructed for 30,000 people, but had a population of only 700 people in 2011. Ghost airports such as €1.1 billion 113: 1245: 4723: 4583: 4482: 851:
As of 15 June 2012, Spain's public debt stood at 72.1% of GDP, still less than the eurozone average of 88%. If Spain uses the €100 billion credit line to
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is generally rising again. Furthermore, violent unrest in North Africa and the Middle East is redirecting tourists towards stable countries like Spain.
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lender, was nationalized on 9 May, and on 25 May it announced that it would require a bailout of €23.5 billion to cover losses from failed mortgages.
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In addition to Spanish banks, other European banks have a sizable presence in Spain. German banks lead with an exposure of $ 146 billion. Germany's
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Do not translate text that appears unreliable or low-quality. If possible, verify the text with references provided in the foreign-language article.
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By the end of 2012, Spain's unit labor costs improved. It narrowed the gap with Germany by 5.5% and 4.6% with respect to France. Spain's policy of
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As the EU's fifth-largest economy, Spain remained a large concern. In 2011 the conservative Mariano Rajoy took over the government, pushing out
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As the financial crisis was getting started in Spain, it was already underway in the United States and other western countries. The decrease in
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After having completed substantial improvements over the second half of the 1990s and during the 2000s, which put a few regions on the brink of
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against Spanish sovereign debt were discouraged and 10-year bond yields stayed below the 6% level, approaching the 5% level by the end of 2012.
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The Spanish banking system had been credited as one of the most solid and best equipped among all Western economies to cope with the worldwide
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of money decreases as well. The frustration of this decreases in buying power has manifested in several, very large, worker demonstrations.
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cut Spain's rating. On 18 October 2011 Moody's Rating cut Spain's rating by 2 notches to A1 from Aa2 with the outlook remaining negative.
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In 2012, unions organized a general strike to protest proposals to weaken union power, enable cuts in wages, and lower firing costs.
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the oldest apartments are controlled by non-inflation-adjusted rent controls and eviction is slow, therefore discouraging renting.
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that happened in the second half of 2008 plus the confirmed burst of the property bubble, concerns quickly shifted to the risk of
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added much pressure to the inflation rate. Thus, in June 2008 the inflation rate reached a 13-year high of 5.00%. Then, with the
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when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the
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in July 2012. Depositors were fleeing Spanish banks; deposits dropped 4.7% from June to July (2012) as money was moved abroad.
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cut it to the same level on 7 October 2011. On 14 June 2012, Moody's downgraded Spain to Baa3, just one notch above "junk".
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Content in this edit is translated from the existing Spanish Knowledge (XXG) article at ]; see its history for attribution.
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said that the ECB was "ready to do whatever it takes to preserve the euro". Announced on 6 September 2012, the ECB's
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Board, obscured capital cushions until they were depleted, allowing the appearance of health as problems mounted.
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cut public sector salaries by 5% with an additional 7.1% cut consisting of a suspension of the "14-month bonus".
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However, Spain has also seen the largest growth in tourism since 2011 and 2012. Its geographic advantages, the
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critical development by relaxing supervision of the financial sector and thereby allowing the banks to violate
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was the first to produce a majority for openly separatist parties. Prime Minister Mariano Rajoy insisted that
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In June 2012, the Spanish 10-year government bond reached 7%, 5.44% over the German 10-year bond. As Spanish
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unemployment, are heavily impacting the livelihood of Spanish citizens. As the average wage decreases, the
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The turning point for the Spanish sovereign debt crisis occurred on 26 July 2012, when ECB President
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Large-scale immigration continued throughout 2008 despite severe unemployment, but by 2011 the
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combined. By March 2012, Spain's unemployment rate reached 24.4%, twice the eurozone average.
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unsuccessfully tried to get such a move approved in Parliament in 2008. Catalan president
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was ahead in this regard with a 42.2% sales plunge while sparsely populated regions like
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lent heavily to real estate companies that at the end of the bubble went bankrupt; the
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Demonstration against the crisis and high youth unemployment in Madrid, 15 May 2011.
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Spain due to the poor conditions that exist in their country of origin.
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to the source of your translation. A model attribution edit summary is
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Sahuquillo, María R.; Aunión, J. A.; Mars, Amanda (29 December 2013).
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popped Spain became one of the worst affected countries. According to
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of several Spanish banks were downgraded, some to "junk" status. The
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Due to the lack of its own resources, Spain has to import all of its
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downgraded Spain to BBB− (one notch above junk) on 11 October 2012.
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with college degrees are willing to settle for working at so-called
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downgraded Spain to single-A, which remains higher than the major
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One effect of the financial crisis is an increase in support for
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En juego, por tanto, está evitar un colapso financiero inminente
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Mickey Levy, Chief Economist, Bank of America (19 July 2012).
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Banks offered 40-year mortgages and, more recently, 50-year
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Spanish debt as % of GDP vs. Eurozone average, by year
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austerity program consisting primarily of tax increases.
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Gabriele Steinhauser and Jonathan House (19 June 2012).
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Charles Forell and Gabriele Steinhauser (11 June 2012).
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control and experts would meet stringent requirements.
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Post-Napoleonic Irish grain price and land use shocks
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Sara Schaefer Munoz and Laua Stevens (27 June 2012).
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Geoffrey T. Smith and Matina Stevis (29 June 2012).
1212:"The EU Smiled While Spain's Banks Cooked the Books" 73: 69:
a machine-translated version of the Spanish article.
5650: 5542: 5430: 5307: 5192: 5070: 5015: 4920: 4911: 4564: 4414: 4114: 4032: 4003: 3950: 3825: 3761: 3659: 3586: 3564: 3339: 3271: 3220: 3184: 3177: 3116: 1985:Laura Stevens and Eyk Henning (24 September 2012). 1355:Emma Ross-Thomas and Simone Meier (30 April 2012). 1205: 1203: 903:settling below the 5% level in the spring of 2013. 185:unemployment, and bankruptcies of major companies. 2745:Emese Bartha; Jonathan House (18 September 2012). 2455:"Spain sees first drop in immigration in a decade" 3279:Economic and Monetary Union of the European Union 2570:David Roman and Nicholas Winning (11 July 2012). 2042:Charles Forelle and David Enrich (14 July 2012). 2004:Victor Mallet and Patrick Jenkins (5 July 2012). 1548:"Europe calmed by firm hand on edge of the abyss" 2766:"Bonds' Yields Trump Worries on Spain and Italy" 2290:Jonathan House and David Roman (28 April 2012). 1566:""According to the Spanish Ministry of Housing"" 1088:, bank set up to take over assets from the banks 2943:Nicholas Kulish; Raphael Minder (6 June 2012). 2815:"S&P cuts Spain credit rating to near junk" 2700: 2698: 2626:Jonathan House and David Roman (15 June 2012). 2572:"Madrid Austerity Plan Boosted to $ 80 Billion" 1302:"Spain facing long haul as recession confirmed" 1015:does not allow for a region to secede. Spain's 2851: 2849: 2847: 1968:"European Banks Are Facing More Pain in Spain" 1770: 1768: 1758:Europe on the brink: How should the US engage? 1640: 1638: 1274:"Boomtime Spain waits for the bubble to burst" 1187: 1185: 1183: 542:have the same number of jobless as France and 98:accompanying your translation by providing an 60:Click for important translation instructions. 47:expand this article with text translated from 4885: 4858:List of stock market crashes and bear markets 3397: 3090: 2023:Ambrose Evans-Pritchard (28 September 2012). 1122:List of stock market crashes and bear markets 304:were down a mere 1.7% over the same period). 8: 2969:Peter Spiegel; Victor Mallet (6 June 2012). 2609:"Latest Europe Rescue Aims to Prop Up Spain" 1987:"State of Europe's Banks: Safe and Stressed" 1511:"How Europe's Currency Survived 2012 Intact" 972:packages for Ireland, Portugal, and Greece. 922:has downgraded Spain on 14 October 2011 and 752:Demonstration against labor market reforms, 2906: 2904: 2747:"Spain Debt Sells Despite Bailout Pressure" 2553:"The Spanish bail-out: Going to extra time" 2535:"Despite economy, Spanish tourism prospers" 1368: 1366: 448:entered the market during the early 2000s. 5436: 5313: 5198: 5076: 4917: 4892: 4878: 4870: 3404: 3390: 3382: 3181: 3097: 3083: 3075: 1860:"Spain's Vegara does not expect deflation" 1058:Annex: Political corruption cases in Spain 950:Demonstration in Madrid, 25 September 2012 906:In 2016, public debt reached 101% of GDP. 261:Unfinished buildings due to the crisis in 192:. In these times Spain had already a huge 4679:2015–2016 Chinese stock market turbulence 2971:"Europe weighs up limited Spanish rescue" 1458:"Opposition wanes to Spanish aid request" 315:foreclosure. Banks have begun to accept " 861: 808:of consumers led to a sharp decrease in 566: 484:limits to the planned banking bailouts. 182:International Accounting Standards Board 3069:Center for Economic and Policy Research 2858:"Spanish Bonds Get Reprieve on Ratings" 2647:"Spanish Woes Cast Rescue in New Light" 2006:"Spanish Banks' Tale of Woe to Drag On" 1777:"Fall in Spain's House Prices Steepens" 1619: 1617: 1484:"Spain prepares to make rescue request" 1132: 269:The residential real estate bubble saw 4584:Venezuelan banking crisis of 2009–2010 4354:South American economic crisis of 2002 4251:Black Wednesday (1992 Sterling crisis) 2514:"Impact of Crisis on Tourism in Spain" 2135:Christopher Bjork (28 November 2012). 2084:Gustav Sandstrom (24 September 2012). 5163:Natural Sites of Community Importance 4635:2013 Chinese banking liquidity crisis 4591:2010–2014 Portuguese financial crisis 4067:Secondary banking crisis of 1973–1975 2893:Gutiérrez, Juan Jesús (9 June 2012). 2856:Tommy Stubbington (17 October 2012). 2685:"Doubts Emerge in Bloc's Rescue Deal" 2086:"Nordic Banks Gain New Status: Haven" 1546:Kyran Fitzgerald (22 December 2012). 1432:"Spain to ask for bailout next month" 1405:. EFSF. 3 August 2012. Archived from 7: 4665:Russian financial crisis (2014–2016) 4518:2008–2011 Icelandic financial crisis 4511:2008–2009 Ukrainian financial crisis 4476:2000s U.S. housing market correction 4316:1998–2002 Argentine great depression 3331:2010 European Union bank stress test 1509:Stephen Fidler (28 September 2012). 1037:2008–2014 Spanish real estate crisis 403:regional semi-public savings banks ( 5642:UNESCO Intangible Cultural Heritage 4822:2023–2024 Egyptian financial crisis 4657:Puerto Rican government-debt crisis 4650:2014–2016 Brazilian economic crisis 4023:1963–1965 Indonesian hyperinflation 3926:Shanghai rubber stock market crisis 3615:Dutch Republic stock market crashes 3228:Icelandic financial crisis protests 2880:www.20minutos.es - Últimas Noticias 2208:"Spain's jobless rate soars to 17%" 1192:Juan Carlos Hidalgo (31 May 2012). 1045:2008–present Spanish society crisis 961:Fund for Orderly Bank Restructuring 465:Fund for Orderly Bank Restructuring 4628:2012–2013 Cypriot financial crisis 4532:2008–2014 Spanish financial crisis 4504:2008–2009 Russian financial crisis 4497:2008–2009 Belgian financial crisis 4192:1988–1992 Norwegian banking crisis 3687:British credit crisis of 1772–1773 3326:United Kingdom bank rescue package 2309:Emma Ross-Thomas (20 March 2012). 2218:from the original on 27 April 2009 1866:, 13 February 2009, archived from 1050:2017 Spanish constitutional crisis 146:2008–2014 Spanish financial crisis 25: 18:2008–2013 Spanish financial crisis 4815:2023 United States banking crisis 4621:2011 Bangladesh share market scam 4309:1998–1999 Ecuador economic crisis 4273:Venezuelan banking crisis of 1994 4199:Japanese asset price bubble crash 4140:Souk Al-Manakh stock market crash 3890:Australian banking crisis of 1893 3694:Dutch Republic financial collapse 2790:. 19 October 2011. Archived from 1775:Art Patnaude (14 December 2012). 1002:Statute of Autonomy for Catalonia 914:For the third time in 13 months, 156:, began in 2008 during the world 3672:Amsterdam banking crisis of 1763 3347:List of countries by public debt 3021:Goodman, Al (25 November 2012). 2832:Richard Barley (9 August 2012). 2813:Daniel Bases (11 October 2012). 2666:"EU Leaders Provide Few Details" 2465:from the original on 8 July 2011 1813:Harter, Pascale (26 July 2012). 1761:. American Enterprise Institute. 1272:Crawford, Leslie (8 June 2006), 1025:independence referendum for 2014 34: 5206:Autonomous communities of Spain 4397:2007 Chinese stock bubble crash 3723:Danish state bankruptcy of 1813 2137:"EU Clears Spanish Bank Rescue" 1591:Laurence Knight (18 May 2012). 1194:"Looking at Austerity in Spain" 898:(CDS) hit a record high of 633 352:dramatic decrease of oil prices 5617:National and regional identity 4778:Chinese property sector crisis 4686:2015–2016 stock market selloff 4614:August 2011 stock markets fall 4525:2008–2011 Irish banking crisis 4222:1990s Swedish financial crisis 3971:Weimar Republic hyperinflation 3234:May Day protests across Europe 2453:Captain Chaos (8 March 2009), 2292:"Spain Jobless Crisis Deepens" 1940:Raphael Minder (25 May 2012). 1300:Day, Paul (18 February 2009), 1244:Abellán, L. (30 August 2008), 1210:Jonathan Weil (14 June 2012). 1081:European sovereign debt crisis 781:From immigration to emigration 332:Castellón-Costa Azahar Airport 237:Outright Monetary Transactions 177:Spain's crisis was the housing 166:European sovereign debt crisis 108:You may also add the template 1: 4851:List of sovereign debt crises 4793:2022 Russian financial crisis 4490:2008 Latvian financial crisis 4483:U.S. bear market of 2007–2009 4361:Stock market downturn of 2002 4302:1998 Russian financial crisis 4155:1983 Israel bank stock crisis 3321:Société Générale trading loss 3240:French pension reform strikes 3045:"2008–2013: Balance de daños" 2764:Nick Cawley (26 April 2013). 2683:Matina Stevis (6 July 2012). 2628:"Spain Debt Has Fund Worried" 2484:González, Sara (1 May 2009), 2416:Wiseman, Paul (9 July 2012). 1117:Stock market crashes in India 281:were vacant as of late 2008. 273:rise 200% from 1996 to 2007. 4553:Greek government-debt crisis 4390:2004 Argentine energy crisis 4347:2001 Turkish economic crisis 4236:1990s Armenian energy crisis 4229:1990s Finnish banking crisis 4090:1976 British currency crisis 4060:1973–1974 stock market crash 2834:"Excessive Power of Ratings" 2723:Pedro Calvo (24 July 2012). 2492:(in Spanish), archived from 2154:Agencias (4 November 2008), 2061:Ben Sills (14 August 2012). 998:Spain's Constitutional Court 977:José Luis Rodríguez Zapatero 727: 716: 705: 694: 676: 665: 654: 640: 629: 618: 607: 589: 575: 437:bank, the country's largest 222:European Stability Mechanism 190:ruling party changed in 2004 170:European Stability Mechanism 5637:UNESCO World Heritage Sites 4709:2017 Sri Lankan fuel crisis 4375:2003 Myanmar banking crisis 4368:2002 Uruguay banking crisis 4288:1997 Asian financial crisis 4215:1991 Indian economic crisis 4207:Rhode Island banking crisis 4177:Cameroonian economic crisis 3963:Early Soviet hyperinflation 3576:Crisis of the Third Century 2995:David Jolly (6 June 2012). 2596:. London. 27 February 2012. 1794:Goldman, Leah; Lubin, Gus. 1107:1991 Indian economic crisis 328:Ciudad Real Central Airport 322:Some developments resemble 121:Knowledge (XXG):Translation 27:Economic situation in Spain 5857: 4740:Sri Lankan economic crisis 4598:Energy crisis in Venezuela 4577:2009 Dubai debt standstill 4427:2007–2008 financial crisis 4082:Latin American debt crisis 3845:Paris Bourse crash of 1882 2236:Agencias (24 April 2009), 1888:Agencias (15 April 2009), 1174:European Economic Snapshot 784: 754:Las Palmas de Gran Canaria 460:have large Spanish units. 374: 250: 164:a late participant in the 158:2007–2008 financial crisis 72:Machine translation, like 5831:Great Recession in Europe 5821:Economic history of Spain 5692: 5439: 5316: 5201: 5079: 4831: 4808:2022 stock market decline 4800:Pakistani economic crisis 4786:2021–2023 inflation surge 4732:Lebanese liquidity crisis 4701:Venezuelan hyperinflation 4693:Brexit stock market crash 4642:Venezuela economic crisis 4404:Zimbabwean hyperinflation 3987:Wall Street Crash of 1929 3827:2nd Industrial Revolution 3661:1st Industrial Revolution 3419: 3365: 2490:El Periódico de Catalunya 2461:, Spanish News, on-line, 1308:, Reuters, archived from 1102:Autonomous Liquidity Fund 916:Moody's Investors Service 677: 641: 590: 498:On 28 November 2012, the 348:scenario of record prices 49:the corresponding article 5806:2014 in economic history 5801:2013 in economic history 5796:2012 in economic history 5791:2011 in economic history 5786:2010 in economic history 5781:2009 in economic history 5776:2008 in economic history 5295:Wars and armed conflicts 4935:Ancient History Timeline 4469:Subprime mortgage crisis 4132:Brazilian hyperinflation 4104:Brazilian hyperinflation 3941:Financial crisis of 1914 3649:Mississippi bubble crash 3063:20 December 2013 at the 810:Spain's tourist industry 479:also welcomed the move. 154:Great Spanish Depression 150:Great Recession in Spain 4995:Transition to democracy 4970:Reaction and revolution 4844:List of economic crises 4762:2020 stock market crash 4755:Financial market impact 4724:Turkish economic crisis 4339:9/11 stock market crash 4295:October 1997 mini-crash 4266:1994 bond market crisis 4258:Yugoslav hyperinflation 4169:Savings and loan crisis 3770:European potato failure 1896:, Economía (in Spanish) 1254:, Economía (in Spanish) 1092:Spanish property bubble 821:purchasing power parity 334:and others were built. 253:Spanish property bubble 119:For more guidance, see 5585:International Interest 5393:Science and technology 5089:Autonomous communities 4837:List of banking crises 4606:Syrian economic crisis 4539:Blue Monday Crash 2009 4148:Chilean crisis of 1982 3979:Shōwa financial crisis 3785:Highland Potato Famine 3641:South Sea bubble crash 3432:Commodity price shocks 3316:Irish emergency budget 3252:March for a Better Way 2265:"Two-tier flexibility" 1629:www.elconfidencial.com 1331:"Spain Country Report" 1063:Catalan independentism 1009:2015 regional election 951: 942:2012 financial bailout 936:credit rating agencies 891: 836: 757: 389:) turned a blind eye. 371:Spanish banking system 266: 141: 5622:National Day of Spain 4162:Black Saturday (1983) 4016:Kennedy Slide of 1962 3588:Commercial revolution 3284:European social model 2519:30 April 2014 at the 2183:"Builders' nightmare" 1529:"The world this year" 1097:Unemployment in Spain 1023:instead scheduled an 949: 865: 834: 785:Further information: 751: 518:— and sell a fourth, 417:in essence bankrupt. 375:Further information: 260: 226:European Central Bank 139: 92:copyright attribution 5836:Stock market crashes 5226:Constitutional Court 4716:Ghana banking crisis 4546:European debt crisis 4331:Dot-com bubble crash 4243:Cuban Special Period 3702:Copper Panic of 1789 3607:The Great Debasement 3599:Great Bullion Famine 3371:European debt crisis 3294:Irish banking crisis 1736:on 26 September 2008 1148:The Economic Journal 1013:Spain's constitution 984:Separatist movements 896:credit default swaps 787:Immigration to Spain 555:internal devaluation 377:Savings bank (Spain) 148:, also known as the 5169:Plazas de soberanía 4672:2015 Nepal blockade 4382:2000s energy crisis 4280:Mexican peso crisis 4185:Black Monday (1987) 4045:1970s energy crisis 4005:Post–WWII expansion 3679:Bengal bubble crash 3474:Financial contagion 3289:Icelandic outvasion 2975:The Financial Times 2862:Wall Street Journal 2838:Wall Street Journal 2770:Wall Street Journal 2751:Wall Street Journal 2689:Wall Street Journal 2670:Wall Street Journal 2651:Wall Street Journal 2613:Wall Street Journal 2576:Wall Street Journal 2533:Riggins, Jennifer. 2459:Costa Tropical News 2341:Wall Street Journal 2296:Wall Street Journal 2141:Wall Street Journal 2110:. 28 November 2012. 2090:Wall Street Journal 2073:on 19 January 2013. 2048:Wall Street Journal 1991:Wall Street Journal 1972:Wall Street Journal 1781:Wall Street Journal 1535:. 22 December 2012. 1515:Wall Street Journal 1071:Corruption in Spain 954:On 9 June 2012 the 928:Standard and Poor's 920:Standard and Poor's 857:guarantee the loans 573: 568:Unemployment rate ( 500:European Commission 471:and vice-president 469:Jose Manuel Barroso 210:European Commission 160:. In 2012, it made 5398:Telecommunications 5099:Biosphere Reserves 5000:Contemporary Spain 4990:Spain under Franco 4930:Prehistoric Iberia 3934:Panic of 1910–1911 3778:Great Irish Famine 3716:Panic of 1796–1797 3555:Stock market crash 3001:The New York Times 2949:The New York Times 2924:on 2 November 2012 2632:The New York Times 2333:Alessandra Galloni 2124:. 1 December 2012. 2067:Bloomberg Business 1946:The New York Times 1921:on 29 January 2017 1845:The New York Times 1678:on 11 October 2007 1650:The New York Times 1412:on 22 January 2011 1112:Stock market crash 952: 892: 889: 3 month bond 877: 10 year bond 871: 20 year bond 837: 758: 744:Youth unemployment 583:Total unemployment 567: 504:Spanish government 290:speculative bubble 271:real estate prices 267: 175:The main cause of 142: 100:interlanguage link 5728: 5727: 5688: 5687: 5612:Myths and legends 5580:National Interest 5426: 5425: 5378:Largest companies 5303: 5302: 5290:Political parties 5258:Foreign relations 5188: 5187: 5136:Iberian Peninsula 5084:Autonomous cities 5066: 5065: 4867: 4866: 4748:COVID-19 pandemic 3633:Tulip mania crash 3624:Kipper und Wipper 3601:(c. 1400–c. 1500) 3379: 3378: 3267: 3266: 2337:"The Nonna State" 2321:on 29 March 2012. 2214:, 24 April 2009, 2189:, 4 December 2008 1819:BBC News Magazine 1490:. 24 October 2012 1464:. 16 October 2012 1438:. 15 October 2012 1196:. Cato Institute. 883: 2 year bond 866:Spain bond rates 806:disposable income 739: 738: 530:Employment crisis 520:Banco de Valencia 489:interbank lending 481:Bank stress tests 423:Golden parachutes 132: 131: 61: 57: 16:(Redirected from 5848: 5841:Financial crises 5708: 5701: 5437: 5368:Financial crisis 5358:Economic history 5314: 5231:Cortes Generales 5199: 5141:Peninsular Spain 5077: 5028:Pre-Roman Iberia 5023:General overview 4918: 4894: 4887: 4880: 4871: 4860: 4853: 4846: 4839: 4824: 4817: 4810: 4803: 4795: 4788: 4781: 4771: 4764: 4757: 4750: 4743: 4735: 4727: 4719: 4711: 4704: 4696: 4688: 4681: 4674: 4667: 4660: 4652: 4645: 4637: 4630: 4623: 4616: 4609: 4601: 4593: 4586: 4579: 4555: 4548: 4541: 4534: 4527: 4520: 4513: 4506: 4499: 4492: 4485: 4478: 4471: 4464: 4457: 4450: 4443: 4436: 4429: 4407: 4399: 4392: 4385: 4377: 4370: 4363: 4356: 4349: 4342: 4334: 4326: 4318: 4311: 4304: 4297: 4290: 4283: 4275: 4268: 4261: 4253: 4246: 4238: 4231: 4224: 4217: 4210: 4202: 4194: 4187: 4180: 4172: 4164: 4157: 4150: 4143: 4135: 4121:Great Regression 4116:Great Moderation 4107: 4099: 4092: 4085: 4077: 4069: 4062: 4055: 4048: 4025: 4018: 3996: 3989: 3982: 3974: 3966: 3943: 3936: 3929: 3921: 3914: 3907: 3900: 3892: 3885: 3878: 3870: 3862: 3854: 3847: 3840: 3818: 3810: 3803: 3796: 3787: 3780: 3773: 3754: 3747: 3740: 3733: 3725: 3718: 3711: 3704: 3697: 3689: 3682: 3674: 3652: 3644: 3636: 3628: 3618: 3610: 3602: 3579: 3557: 3550: 3543: 3534: 3527: 3520: 3513: 3506: 3504:Liquidity crisis 3499: 3492: 3483: 3481:Social contagion 3476: 3469: 3462: 3455: 3448: 3441: 3434: 3427: 3413:Financial crises 3406: 3399: 3392: 3383: 3340:Related articles 3299:Anglo Irish Bank 3182: 3099: 3092: 3085: 3076: 3054: 3031: 3030: 3018: 3012: 3011: 3009: 3007: 2992: 2986: 2985: 2983: 2981: 2966: 2960: 2959: 2957: 2955: 2940: 2934: 2933: 2931: 2929: 2920:. 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1713: 1711: 1707: 1700: 1696: 1695: 1691: 1681: 1679: 1670: 1669: 1665: 1655: 1653: 1644: 1643: 1636: 1623: 1622: 1615: 1608: 1604: 1590: 1589: 1585: 1575: 1573: 1564: 1563: 1559: 1545: 1544: 1540: 1527: 1526: 1522: 1508: 1507: 1503: 1493: 1491: 1488:Financial Times 1482: 1481: 1477: 1467: 1465: 1462:Financial Times 1456: 1455: 1451: 1441: 1439: 1430: 1429: 1425: 1415: 1413: 1409: 1402: 1398: 1397: 1393: 1383: 1381: 1372: 1371: 1364: 1354: 1353: 1349: 1339: 1337: 1329: 1328: 1324: 1315: 1313: 1312:on 10 June 2009 1299: 1298: 1294: 1279:Financial Times 1271: 1270: 1266: 1257: 1255: 1243: 1242: 1238: 1228: 1227: 1223: 1209: 1208: 1201: 1191: 1190: 1181: 1168: 1167: 1163: 1153: 1151: 1143: 1139: 1138: 1134: 1130: 1067: 1054: 1041: 1033: 986: 944: 912: 890: 886: 884: 880: 878: 874: 872: 868: 829: 802: 789: 783: 772:Lost Generation 746: 642:9th (Zapatero) 536:full employment 532: 387:Banco de España 379: 373: 340: 255: 249: 247:Property bubble 198:competitiveness 128: 127: 126: 109: 103: 62: 56:(December 2017) 39: 35: 28: 23: 22: 15: 12: 11: 5: 5854: 5852: 5844: 5843: 5838: 5833: 5828: 5823: 5818: 5816:2010s in Spain 5813: 5811:2000s in Spain 5808: 5803: 5798: 5793: 5788: 5783: 5778: 5773: 5768: 5763: 5758: 5753: 5748: 5743: 5733: 5732: 5726: 5725: 5723: 5722: 5717: 5710: 5709: 5702: 5694: 5693: 5690: 5689: 5686: 5685: 5683: 5682: 5675: 5670: 5669:Cultural icons 5667: 5662: 5656: 5654: 5648: 5647: 5645: 5644: 5639: 5634: 5629: 5624: 5619: 5614: 5609: 5604: 5599: 5594: 5589: 5588: 5587: 5582: 5574: 5569: 5564: 5559: 5554: 5548: 5546: 5540: 5539: 5537: 5536: 5531: 5526: 5521: 5516: 5511: 5506: 5501: 5496: 5491: 5486: 5481: 5476: 5471: 5466: 5461: 5456: 5451: 5446: 5440: 5434: 5428: 5427: 5424: 5423: 5421: 5420: 5415: 5410: 5405: 5400: 5395: 5390: 5385: 5380: 5375: 5370: 5365: 5360: 5355: 5354: 5353: 5348: 5343: 5333: 5328: 5323: 5317: 5311: 5305: 5304: 5301: 5300: 5298: 5297: 5292: 5287: 5282: 5277: 5276: 5275: 5270: 5260: 5255: 5250: 5249: 5248: 5246:Prime Minister 5238: 5233: 5228: 5223: 5218: 5213: 5208: 5202: 5196: 5190: 5189: 5186: 5185: 5183: 5182: 5177: 5172: 5165: 5160: 5158:National parks 5155: 5153:Municipalities 5150: 5145: 5144: 5143: 5133: 5128: 5126:Extreme points 5123: 5118: 5111: 5106: 5101: 5096: 5086: 5080: 5074: 5068: 5067: 5064: 5063: 5061: 5060: 5055: 5050: 5045: 5040: 5035: 5033:Spanish Empire 5030: 5025: 5019: 5017: 5013: 5012: 5010: 5009: 5008: 5007: 4997: 4992: 4987: 4982: 4977: 4975:First Republic 4972: 4967: 4962: 4957: 4952: 4947: 4945:Medieval Spain 4942: 4940:Roman Hispania 4937: 4932: 4926: 4924: 4915: 4909: 4908: 4899: 4897: 4896: 4889: 4882: 4874: 4865: 4864: 4862: 4861: 4854: 4847: 4840: 4832: 4829: 4828: 4826: 4825: 4818: 4811: 4804: 4802:(2022–present) 4796: 4789: 4782: 4780:(2020–present) 4774: 4773: 4772: 4765: 4758: 4744: 4742:(2019–present) 4736: 4734:(2019–present) 4728: 4726:(2018–present) 4720: 4712: 4705: 4697: 4689: 4682: 4675: 4668: 4661: 4653: 4646: 4644:(2013–present) 4638: 4631: 4624: 4617: 4610: 4608:(2011–present) 4602: 4600:(2010–present) 4594: 4587: 4580: 4572: 4570: 4569:(2009–present) 4562: 4561: 4559: 4558: 4557: 4556: 4549: 4542: 4535: 4528: 4521: 4514: 4507: 4500: 4493: 4486: 4479: 4472: 4465: 4458: 4451: 4444: 4437: 4434:September 2008 4422: 4420: 4412: 4411: 4409: 4408: 4406:(2007–present) 4400: 4393: 4386: 4378: 4371: 4364: 4357: 4350: 4343: 4335: 4327: 4319: 4312: 4305: 4298: 4291: 4284: 4276: 4269: 4262: 4254: 4247: 4239: 4232: 4225: 4218: 4211: 4203: 4195: 4188: 4181: 4173: 4165: 4158: 4151: 4144: 4136: 4127: 4125: 4112: 4111: 4109: 4108: 4100: 4093: 4086: 4078: 4070: 4063: 4056: 4049: 4040: 4038: 4030: 4029: 4027: 4026: 4019: 4011: 4009: 4001: 4000: 3998: 3997: 3990: 3983: 3975: 3967: 3958: 3956: 3948: 3947: 3945: 3944: 3937: 3930: 3922: 3915: 3908: 3901: 3893: 3886: 3879: 3871: 3863: 3855: 3848: 3841: 3833: 3831: 3823: 3822: 3820: 3819: 3811: 3804: 3797: 3790: 3789: 3788: 3781: 3765: 3763: 3759: 3758: 3756: 3755: 3748: 3741: 3734: 3726: 3719: 3712: 3705: 3698: 3696:(c. 1780–1795) 3690: 3683: 3675: 3667: 3665: 3657: 3656: 3654: 3653: 3645: 3637: 3629: 3619: 3617:(c. 1600–1760) 3611: 3603: 3594: 3592: 3584: 3583: 3581: 3580: 3571: 3569: 3562: 3561: 3559: 3558: 3551: 3544: 3537: 3536: 3535: 3528: 3521: 3514: 3500: 3497:Hyperinflation 3493: 3486: 3485: 3484: 3470: 3463: 3456: 3449: 3442: 3435: 3428: 3420: 3417: 3416: 3411: 3409: 3408: 3401: 3394: 3386: 3377: 3376: 3374: 3373: 3366: 3363: 3362: 3360: 3359: 3354: 3349: 3343: 3341: 3337: 3336: 3334: 3333: 3328: 3323: 3318: 3313: 3312: 3311: 3306: 3301: 3291: 3286: 3281: 3275: 3273: 3269: 3268: 3265: 3264: 3262: 3261: 3255: 3249: 3246:Irish students 3243: 3237: 3231: 3224: 3222: 3218: 3217: 3215: 3214: 3212:United Kingdom 3209: 3204: 3199: 3194: 3188: 3186: 3179: 3175: 3174: 3172: 3171: 3166: 3161: 3156: 3151: 3146: 3141: 3136: 3131: 3126: 3120: 3118: 3114: 3113: 3104: 3102: 3101: 3094: 3087: 3079: 3073: 3072: 3055: 3038: 3037:External links 3035: 3033: 3032: 3013: 2987: 2961: 2935: 2900: 2885: 2882:. 9 June 2012. 2867: 2843: 2824: 2805: 2775: 2756: 2737: 2715: 2694: 2675: 2656: 2637: 2618: 2599: 2581: 2562: 2544: 2525: 2506: 2496:on 16 May 2010 2476: 2445: 2442:. 1 June 2013. 2427: 2408: 2382: 2364: 2346: 2324: 2301: 2282: 2256: 2228: 2199: 2174: 2146: 2127: 2113: 2095: 2076: 2053: 2034: 2015: 1996: 1977: 1958: 1932: 1906: 1880: 1851: 1831: 1805: 1786: 1764: 1747: 1721: 1689: 1663: 1634: 1613: 1602: 1583: 1557: 1552:Irish Examiner 1538: 1520: 1501: 1475: 1449: 1423: 1391: 1362: 1347: 1335:Global Finance 1322: 1292: 1264: 1236: 1221: 1199: 1179: 1161: 1131: 1129: 1126: 1125: 1124: 1119: 1114: 1109: 1104: 1099: 1094: 1089: 1083: 1078: 1073: 1065: 1060: 1052: 1047: 1039: 1032: 1029: 1017:Basque Country 985: 982: 943: 940: 911: 908: 885: 879: 873: 867: 842:Prime Minister 828: 825: 801: 798: 782: 779: 745: 742: 741: 740: 737: 736: 733: 730: 726: 725: 722: 719: 715: 714: 711: 708: 704: 703: 700: 697: 693: 692: 689: 686: 683: 675: 674: 671: 668: 664: 663: 660: 657: 653: 652: 649: 646: 643: 639: 638: 635: 632: 628: 627: 624: 621: 617: 616: 613: 610: 606: 605: 602: 599: 596: 588: 587: 586:Annual change 584: 581: 578: 531: 528: 516:Catalunya Banc 431:credit ratings 399:Santander Bank 372: 369: 339: 336: 251:Main article: 248: 245: 130: 129: 125: 124: 117: 106: 84: 81: 70: 63: 44: 43: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5853: 5842: 5839: 5837: 5834: 5832: 5829: 5827: 5824: 5822: 5819: 5817: 5814: 5812: 5809: 5807: 5804: 5802: 5799: 5797: 5794: 5792: 5789: 5787: 5784: 5782: 5779: 5777: 5774: 5772: 5771:2014 in Spain 5769: 5767: 5766:2013 in Spain 5764: 5762: 5761:2012 in Spain 5759: 5757: 5756:2011 in Spain 5754: 5752: 5751:2010 in Spain 5749: 5747: 5746:2009 in Spain 5744: 5742: 5741:2008 in Spain 5739: 5738: 5736: 5721: 5718: 5716: 5713: 5712: 5707: 5703: 5700: 5696: 5695: 5691: 5681: 5680: 5676: 5674: 5671: 5668: 5666: 5663: 5661: 5658: 5657: 5655: 5653: 5649: 5643: 5640: 5638: 5635: 5633: 5630: 5628: 5625: 5623: 5620: 5618: 5615: 5613: 5610: 5608: 5605: 5603: 5600: 5598: 5595: 5593: 5590: 5586: 5583: 5581: 5578: 5577: 5575: 5573: 5570: 5568: 5565: 5563: 5560: 5558: 5555: 5553: 5550: 5549: 5547: 5545: 5541: 5535: 5532: 5530: 5527: 5525: 5522: 5520: 5517: 5515: 5512: 5510: 5507: 5505: 5502: 5500: 5497: 5495: 5492: 5490: 5487: 5485: 5482: 5480: 5477: 5475: 5472: 5470: 5467: 5465: 5462: 5460: 5457: 5455: 5452: 5450: 5447: 5445: 5442: 5441: 5438: 5435: 5433: 5429: 5419: 5416: 5414: 5411: 5409: 5406: 5404: 5401: 5399: 5396: 5394: 5391: 5389: 5386: 5384: 5381: 5379: 5376: 5374: 5371: 5369: 5366: 5364: 5361: 5359: 5356: 5352: 5351:median income 5349: 5347: 5344: 5342: 5339: 5338: 5337: 5334: 5332: 5329: 5327: 5324: 5322: 5319: 5318: 5315: 5312: 5310: 5306: 5296: 5293: 5291: 5288: 5286: 5283: 5281: 5278: 5274: 5271: 5269: 5266: 5265: 5264: 5261: 5259: 5256: 5254: 5251: 5247: 5244: 5243: 5242: 5239: 5237: 5234: 5232: 5229: 5227: 5224: 5222: 5221:Head of State 5219: 5217: 5214: 5212: 5209: 5207: 5204: 5203: 5200: 5197: 5195: 5191: 5181: 5178: 5176: 5173: 5171: 5170: 5166: 5164: 5161: 5159: 5156: 5154: 5151: 5149: 5146: 5142: 5139: 5138: 5137: 5134: 5132: 5129: 5127: 5124: 5122: 5119: 5117: 5116: 5112: 5110: 5107: 5105: 5102: 5100: 5097: 5094: 5090: 5087: 5085: 5082: 5081: 5078: 5075: 5073: 5069: 5059: 5056: 5054: 5051: 5049: 5046: 5044: 5041: 5039: 5036: 5034: 5031: 5029: 5026: 5024: 5021: 5020: 5018: 5014: 5006: 5003: 5002: 5001: 4998: 4996: 4993: 4991: 4988: 4986: 4983: 4981: 4978: 4976: 4973: 4971: 4968: 4966: 4965:Enlightenment 4963: 4961: 4958: 4956: 4953: 4951: 4948: 4946: 4943: 4941: 4938: 4936: 4933: 4931: 4928: 4927: 4925: 4923: 4919: 4916: 4914: 4910: 4906: 4902: 4895: 4890: 4888: 4883: 4881: 4876: 4875: 4872: 4859: 4855: 4852: 4848: 4845: 4841: 4838: 4834: 4833: 4830: 4823: 4819: 4816: 4812: 4809: 4805: 4801: 4797: 4794: 4790: 4787: 4783: 4779: 4775: 4770: 4766: 4763: 4759: 4756: 4752: 4751: 4749: 4745: 4741: 4737: 4733: 4729: 4725: 4721: 4717: 4713: 4710: 4706: 4702: 4698: 4694: 4690: 4687: 4683: 4680: 4676: 4673: 4669: 4666: 4662: 4658: 4654: 4651: 4647: 4643: 4639: 4636: 4632: 4629: 4625: 4622: 4618: 4615: 4611: 4607: 4603: 4599: 4595: 4592: 4588: 4585: 4581: 4578: 4574: 4573: 4571: 4567: 4563: 4554: 4550: 4547: 4543: 4540: 4536: 4533: 4529: 4526: 4522: 4519: 4515: 4512: 4508: 4505: 4501: 4498: 4494: 4491: 4487: 4484: 4480: 4477: 4473: 4470: 4466: 4463: 4459: 4456: 4455:December 2008 4452: 4449: 4448:November 2008 4445: 4442: 4438: 4435: 4431: 4430: 4428: 4424: 4423: 4421: 4417: 4413: 4405: 4401: 4398: 4394: 4391: 4387: 4383: 4379: 4376: 4372: 4369: 4365: 4362: 4358: 4355: 4351: 4348: 4344: 4340: 4336: 4332: 4328: 4324: 4320: 4317: 4313: 4310: 4306: 4303: 4299: 4296: 4292: 4289: 4285: 4281: 4277: 4274: 4270: 4267: 4263: 4259: 4255: 4252: 4248: 4244: 4240: 4237: 4233: 4230: 4226: 4223: 4219: 4216: 4212: 4208: 4204: 4200: 4196: 4193: 4189: 4186: 4182: 4178: 4174: 4170: 4166: 4163: 4159: 4156: 4152: 4149: 4145: 4141: 4137: 4133: 4129: 4128: 4126: 4122: 4117: 4113: 4105: 4101: 4098: 4094: 4091: 4087: 4083: 4079: 4075: 4071: 4068: 4064: 4061: 4057: 4054: 4050: 4046: 4042: 4041: 4039: 4035: 4031: 4024: 4020: 4017: 4013: 4012: 4010: 4006: 4002: 3995: 3994:Panic of 1930 3991: 3988: 3984: 3980: 3976: 3972: 3968: 3964: 3960: 3959: 3957: 3953: 3949: 3942: 3938: 3935: 3931: 3927: 3923: 3920: 3919:Panic of 1907 3916: 3913: 3912:Panic of 1901 3909: 3906: 3905:Panic of 1896 3902: 3898: 3894: 3891: 3887: 3884: 3883:Panic of 1893 3880: 3876: 3872: 3868: 3867:Baring crisis 3864: 3860: 3859:Arendal crash 3856: 3853: 3852:Panic of 1884 3849: 3846: 3842: 3839: 3838:Panic of 1873 3835: 3834: 3832: 3828: 3824: 3816: 3812: 3809: 3808:Panic of 1866 3805: 3802: 3801:Panic of 1857 3798: 3795: 3794:Panic of 1847 3791: 3786: 3782: 3779: 3775: 3774: 3771: 3767: 3766: 3764: 3760: 3753: 3752:Panic of 1837 3749: 3746: 3745:Panic of 1825 3742: 3739: 3738:Panic of 1819 3735: 3731: 3727: 3724: 3720: 3717: 3713: 3710: 3709:Panic of 1792 3706: 3703: 3699: 3695: 3691: 3688: 3684: 3680: 3676: 3673: 3669: 3668: 3666: 3662: 3658: 3650: 3646: 3642: 3638: 3634: 3630: 3626: 3625: 3620: 3616: 3612: 3608: 3604: 3600: 3596: 3595: 3593: 3589: 3585: 3577: 3573: 3572: 3570: 3568: 3563: 3556: 3552: 3549: 3548:Social crisis 3545: 3542: 3541:Minsky moment 3538: 3533: 3529: 3526: 3522: 3519: 3515: 3512: 3508: 3507: 3505: 3501: 3498: 3494: 3491: 3487: 3482: 3478: 3477: 3475: 3471: 3468: 3467:Energy crisis 3464: 3461: 3457: 3454: 3450: 3447: 3443: 3440: 3439:Credit crunch 3436: 3433: 3429: 3426: 3422: 3421: 3418: 3414: 3407: 3402: 3400: 3395: 3393: 3388: 3387: 3384: 3372: 3368: 3367: 3364: 3358: 3355: 3353: 3350: 3348: 3345: 3344: 3342: 3338: 3332: 3329: 3327: 3324: 3322: 3319: 3317: 3314: 3310: 3307: 3305: 3302: 3300: 3297: 3296: 3295: 3292: 3290: 3287: 3285: 3282: 3280: 3277: 3276: 3274: 3270: 3259: 3256: 3253: 3250: 3247: 3244: 3241: 3238: 3235: 3232: 3229: 3226: 3225: 3223: 3219: 3213: 3210: 3208: 3205: 3203: 3200: 3198: 3195: 3193: 3190: 3189: 3187: 3183: 3180: 3176: 3170: 3167: 3165: 3162: 3160: 3157: 3155: 3152: 3150: 3147: 3145: 3142: 3140: 3137: 3135: 3132: 3130: 3127: 3125: 3122: 3121: 3119: 3115: 3111: 3107: 3100: 3095: 3093: 3088: 3086: 3081: 3080: 3077: 3070: 3066: 3062: 3059: 3056: 3053:(in Spanish). 3052: 3051: 3046: 3041: 3040: 3036: 3028: 3024: 3017: 3014: 3002: 2998: 2991: 2988: 2976: 2972: 2965: 2962: 2950: 2946: 2939: 2936: 2923: 2919: 2918: 2913: 2907: 2905: 2901: 2896: 2889: 2886: 2881: 2877: 2871: 2868: 2863: 2859: 2852: 2850: 2848: 2844: 2839: 2835: 2828: 2825: 2820: 2816: 2809: 2806: 2793: 2789: 2785: 2779: 2776: 2771: 2767: 2760: 2757: 2752: 2748: 2741: 2738: 2734: 2730: 2729:El Economista 2726: 2719: 2716: 2711: 2707: 2701: 2699: 2695: 2690: 2686: 2679: 2676: 2671: 2667: 2660: 2657: 2652: 2648: 2641: 2638: 2633: 2629: 2622: 2619: 2614: 2610: 2603: 2600: 2595: 2591: 2585: 2582: 2577: 2573: 2566: 2563: 2558: 2557:The Economist 2554: 2548: 2545: 2540: 2536: 2529: 2526: 2522: 2518: 2515: 2510: 2507: 2495: 2491: 2487: 2480: 2477: 2464: 2460: 2456: 2449: 2446: 2441: 2440:The Economist 2437: 2431: 2428: 2423: 2419: 2412: 2409: 2397:on 3 May 2012 2396: 2392: 2386: 2383: 2378: 2374: 2368: 2365: 2360: 2356: 2350: 2347: 2342: 2338: 2334: 2328: 2325: 2320: 2316: 2312: 2305: 2302: 2297: 2293: 2286: 2283: 2271:. 9 July 2009 2270: 2269:The Economist 2266: 2260: 2257: 2245: 2244: 2239: 2232: 2229: 2217: 2213: 2209: 2203: 2200: 2188: 2187:The Economist 2184: 2178: 2175: 2163: 2162: 2157: 2150: 2147: 2142: 2138: 2131: 2128: 2123: 2117: 2114: 2109: 2105: 2099: 2096: 2091: 2087: 2080: 2077: 2072: 2068: 2064: 2057: 2054: 2049: 2045: 2038: 2035: 2030: 2026: 2019: 2016: 2011: 2007: 2000: 1997: 1992: 1988: 1981: 1978: 1973: 1969: 1962: 1959: 1947: 1943: 1936: 1933: 1920: 1916: 1910: 1907: 1895: 1891: 1884: 1881: 1869: 1865: 1861: 1855: 1852: 1847: 1846: 1841: 1835: 1832: 1820: 1816: 1809: 1806: 1801: 1797: 1790: 1787: 1782: 1778: 1771: 1769: 1765: 1760: 1759: 1751: 1748: 1735: 1731: 1725: 1722: 1706: 1699: 1693: 1690: 1677: 1673: 1667: 1664: 1651: 1647: 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Index

2008–2013 Spanish financial crisis
the corresponding article
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2007–2008 financial crisis
Spain
European sovereign debt crisis
European Stability Mechanism
Spain's crisis was the housing
International Accounting Standards Board
ruling party changed in 2004
trade deficit
competitiveness
recession
European Commission
ECB
IMF
European Stability Mechanism
European Central Bank
Mario Draghi
Outright Monetary Transactions
Speculative runs
Spanish property bubble

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