Spain as a proxy for the survival of the Eurozone

The purpose of this paper is to examine Spain’s economic performance during the last decade. Spain was considered in the first part of the century as a model of success. The country’s economic growth and rapid modernization were considered exemplary. However, the global financial crisis had a dramatic effect and Spain is now experience one of the worst economic crises in its modern history. This paper analyzes how this happened and outlines some lessons that can be derived from the Spanish experience.