GLOBAL ECONMIC CRISIS IN SPAIN

     GLOBAL ECONOMIC CRISIS IN SPAIN

One of the main consequences in 2008 had on the Spanish economy is a strong rise in unemployment. During 2008 a number of companies submitted job layoffs (EREs).
The construction sector is one of the hardest hit by the crisis due to the end of the "boom" and subsequent property sales decline. During 2008, many construction companies filed for bankruptcy.
Until there is no restructuring of the savings banks can not cope with the drastic reduction of the housing stock.
There is a discussion about the reasons latent that unemployment has risen much more in Spain: increasing labor force or excessive labor rigidity. Others seek the causes of the financial crash in the salaries of senior management or lack of effectiveness of the bodies reguladores.47 The effects of the economic crisis have also had a strong impact on the Spanish financial system. Defaults on many companies and individuals with poor management led to the intervention of some financial institutions by the State