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2008:2012 Spanish financial crisis - Essay Example
Author : schimmeljessyca
Finance & Accounting
Pages 13 (3263 words)
The crisis was characterized by the threat of complete collapse of large financial institutions across the world, downturns in stock markets, bailing out of banks by national governments and general slow-down in economic growth around the world…
In the wake of the bank failures, large reductions in the equities’ market value and commodities, and declining stock indexes, national finance ministers, financial industry players, and world political leaders coordinated their efforts towards mitigating the effects of the crisis (Pomfret 6). It is no doubt that the global financial crisis had devastating economic, social, and even political impacts across the world. Most of the European countries were greatly affected by the crisis, Spain being one of the countries that it severely hit. I was in Spain (Barcelona and Madrid) for two months recently and saw how people live there. During my visit, I found the country to be interesting. However, I felt very sad to see how people in Spain are losing all their businesses and how there is no money in the country. It is against this background that this essay will seek to discuss and understand the 2008-2012 Spanish financial crises. Spain, like many countries, has gone through a series of financial crises prior to its industrialization and after. It is important to note that there are similarities between recessions throughout Spain’s history. ...