My second paper is a continuation project of my first paper.
In this first, I tried the source of the current economic crisis (which was in the United States in 2008), which ushered in a period of recession to the U.S. and spread throughout Europe, where I pointed out the consequences it had in Spain.
My second paper extensive information about in the first place, the current economic situation experienced by the European Union.
This section includes the following points: Greece’s debt crisis, which triggered a loss of confidence in European markets, the trading period of the member countries to reach an agreement, the refusal of some European countries to assist indebted countries, the rescue plan for Greece, EU measures to address Europe’s debt, which among them will find the plan of issuing Eurobonds, and the loss of value of the euro, the common currency. We can also find the interventions by the European Central Bank and the IMF.
Secondly, I have expanded the section on Spanish economic crisis. The second paper discusses one of the factors that caused the financial and economic crisis in Spain, which is distinctive from other countries with debt crises: the property bubble. In this section we will show how began the creation of the bubble, and the effects and consequences it has had on the country, from its formation to its explosion in 2009.
On the other hand, this property speculation caused a collapse in the Spanish banking system, which is currently in debt.
Finally, after the core body, we will find the conclusion, in which is made a reflection on the subject, with a contribution more subjective and personal.