Abstract
In 2008, a decade of strong and sustained growth in Spain came to an end as the economy fell into recession. This article charts the passage of the economy into recession and examines conditions in the financial system, property market and labour market that were peculiar to Spain. Half the financial system was subject to considerable political interference, a property market bubble was allowed to develop and the labour market had developed a dual character in which one segment remained very rigid. These factors contributed to a protracted recession, accompanied by rapidly increasing sovereign debt and exceptionally high unemployment.
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