You will prepare and submit a term paper on 2008:2012 Spanish financial crisis. Your paper should be a minimum of 3250 words in length. 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.
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