Hard times for Spain

 

 

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Hard times for Spain

via Prep4Civils by Bharath Vaishnov on 11/24/11

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• In 2008, Spanish economy's housing bubble burst pushing mortgages up to unsustainable levels.
• The construction sector led the slide and revenues fell sharply
• Economy went into deflationary spiral
• Government measures
  1. Civil service pay cuts
  2. Pensions freeze
  3. Higher retirement age
  4. Caps on budget deficits

 

 

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