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- 2008–14_Spanish_financial_crisis abstract "The 2008–2014 Spanish financial crisis began as part of the world Late-2000s financial crisis and continued as part of the European sovereign debt crisis, which has affected primarily the southern European states and Ireland. In Spain, the crisis was generated by long-term loans (commonly issued for 40 years), the building market crash, which included the bankruptcy of major companies, and a particularly severe increase in unemployment, which rose to 29.16% by April 2013.Spain continued the path of economic growth when the ruling party changed in 2004, keeping robust GDP growth during the first term of prime minister José Luis Rodríguez Zapatero, even though some fundamental problems in the Spanish economy were already evident. Among these, according to the Financial Times, there was Spain's huge trade deficit (which reached a staggering 10% of the country's GDP by the summer of 2008), the "loss of competitiveness against its main trading partners" and, also, as a part of the latter, an inflation rate which had been traditionally higher than those of its European partners, back then especially affected by house price increases of 150% from 1998 and a growing family indebtedness (115%) chiefly related to the Spanish Real Estate boom and rocketing oil prices.During the third quarter of 2008 the national GDP contracted for the first time in 15 years and, in February 2009, it was confirmed that Spain, along with other European economies, had officially entered recession. 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.The provision of up to €100bn of rescue loans from eurozone funds was agreed by eurozone finance ministers on 9 June 2012. As of October 2012, the so-called Troika (European Commission, ECB and IMF) is in negotiations with Spain to establish an economic recovery program required for providing additional financial loans from ESM. Reportedly Spain, in addition to applying for a €100bn "bank recapitalization" package in June 2012, now negotiates financial support from a "Precautionary Conditioned Credit Line" (PCCL) package. If Spain applies and receives a PCCL package, irrespectively to what extent it subsequently decides to draw on this established credit line, this would at the same time immediately qualify the country to receive "free" additional financial support from ECB, in the form of some unlimited yield-lowering bond purchases (OMT).The turning point of the Spanish sovereign debt crisis was the July 26, 2012 policy statement by Mario Draghi, president of the ECB, that "the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." The subsequent program (announced on September 6, 2012) of unlimited purchases of short-term sovereign debt, i.e. OMT, put the ECB's balance sheet behind the pledge. Speculative runs against Spanish sovereign debt were discouraged and 10 year bond yields stayed below the 6% level approaching the 5% level by years end.".
- 2008–14_Spanish_financial_crisis wikiPageID "21671420".
- 2008–14_Spanish_financial_crisis wikiPageRevisionID "595967041".
- 2008–14_Spanish_financial_crisis subject Category:2000s_economic_history.
- 2008–14_Spanish_financial_crisis subject Category:2000s_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2008_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2009_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2010_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2010s_economic_history.
- 2008–14_Spanish_financial_crisis subject Category:2010s_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2011_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2012_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:2013_in_Spain.
- 2008–14_Spanish_financial_crisis subject Category:Economic_history_of_Spain.
- 2008–14_Spanish_financial_crisis subject Category:Eurozone_crisis.
- 2008–14_Spanish_financial_crisis subject Category:Great_Recession.
- 2008–14_Spanish_financial_crisis subject Category:Stock_market_crashes.
- 2008–14_Spanish_financial_crisis comment "The 2008–2014 Spanish financial crisis began as part of the world Late-2000s financial crisis and continued as part of the European sovereign debt crisis, which has affected primarily the southern European states and Ireland.".
- 2008–14_Spanish_financial_crisis label "2008–14 Spanish financial crisis".
- 2008–14_Spanish_financial_crisis label "Crise économique espagnole".
- 2008–14_Spanish_financial_crisis label "Crisi finanziaria spagnola del 2008-2011".
- 2008–14_Spanish_financial_crisis label "Crisis económica española de 2008-2014".
- 2008–14_Spanish_financial_crisis label "Финансово-экономический кризис в Испании (2008-2013)".
- 2008–14_Spanish_financial_crisis label "الأزمة الاقتصادية الإسبانية (2008-2013)".
- 2008–14_Spanish_financial_crisis label "スペイン経済危機 (2012年)".
- 2008–14_Spanish_financial_crisis sameAs 2008%E2%80%9314_Spanish_financial_crisis.
- 2008–14_Spanish_financial_crisis sameAs Crisis_económica_española_de_2008-2014.
- 2008–14_Spanish_financial_crisis sameAs Crise_économique_espagnole.
- 2008–14_Spanish_financial_crisis sameAs Crisi_finanziaria_spagnola_del_2008-2011.
- 2008–14_Spanish_financial_crisis sameAs スペイン経済危機_(2012年).
- 2008–14_Spanish_financial_crisis sameAs Q2479178.
- 2008–14_Spanish_financial_crisis sameAs Q2479178.
- 2008–14_Spanish_financial_crisis wasDerivedFrom 2008–14_Spanish_financial_crisis?oldid=595967041.