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The 2008–15 Spanish financial crisis, also known as the Great Recession in Spain〔(【引用サイトリンク】title=Spain: Still in the Throes of the Great Recession - The Spanish Economy Sinks Further )〕 or the Great Spanish Depression began in 2008 during the world financial crisis of 2007–08. In 2012 it made Spain a late participant in the European sovereign debt crisis when the country was unable to bailout its financial sector and had to apply for a €100 billion rescue package provided by the European Stability Mechanism (ESM). The main cause of Spain's crisis was the collapse of an enormous housing bubble and the accompanying unsustainably high GDP growth rate. The ballooning tax revenues from the booming property investment and construction sectors kept the Spanish government's revenue in surplus, despite strong increases in expenditure, until 2007. The Spanish government supported the critical development by relaxing supervision of the financial sector and thereby allowing the banks to violate International Accounting Standards Board standards.. The banks in Spain were able to hide losses and earnings volatility, mislead regulators, analysts, and investors, and thereby finance the Spanish real estate bubble. The results of the crisis were devastating for Spain, including a strong economic downturn, a severe increase in unemployment, and bankruptcies of major companies. Even though some fundamental problems in the Spanish economy were already evident far ahead of the crisis, Spain continued the path of unsustainable property led growth when the ruling party changed in 2004. In these early times Spain had already a huge trade deficit, a loss of competitiveness against its main trading partners, an above-average inflation rate, house price increases, and a growing family indebtedness. During the third quarter of 2008 the national GDP contracted for the first time in 15 years, and, in February 2009, Spain (and other European economies) officially entered recession. The economy contracted 3.7% in 2009 and again in 2010 by 0.1%. It grew by 0.7% in 2011. By the 1st quarter of 2012, Spain was officially in recession once again. The Spanish government forecast a 1.7% drop for 2012. The provision of up to €100 billion of rescue loans from eurozone funds was agreed by eurozone finance ministers on 9 June 2012. As of October 2012, the so-called Troika (European Commission, ECB and IMF) is in negotiations with Spain to establish an economic recovery program required for providing additional financial loans from ESM. In addition to applying for a €100 billion bank recapitalization package in June 2012, Spain negotiated financial support from a "Precautionary Conditioned Credit Line" (PCCL) package. If Spain applies and receives a PCCL package, irrespectively to what extent it subsequently decides to draw on this established credit line, this would at the same time immediately qualify the country to receive "free" additional financial support from ECB, in the form of some unlimited yield-lowering bond purchases. The turning point for the Spanish sovereign debt crisis occurred on 26 July 2012, when ECB President Mario Draghi said that the ECB was "ready to do whatever it takes to preserve the euro". Announced on 6 September 2012, the ECB's Outright Monetary Transactions (OMT) program of unlimited purchases of short-term sovereign debt put the ECB's balance sheet behind the pledge. Speculative runs against Spanish sovereign debt were discouraged and 10-year bond yields stayed below the 6% level, approaching the 5% level by the end of 2012. ==Property bubble== (詳細はreal estate prices rise 200% from 1996 to 2007.〔("According to the Spanish Ministry of Housing" )〕 €651 billion is the current mortgage debt (second quarter 2005) of Spanish families (this debt continues to grow at 25% per year – 2001 through 2005, with 97% of mortgages at variable rate interest). In 2004, 509,293 new properties were built in Spain and in 2005 the number of new properties built was 528,754.〔("Number of new properties according to the Ministry of Housing in Spain" )〕 2004 estimations of demand: 300,000 for Spanish people, 100,000 for foreign investors, 100,000 for foreign people living in Spain and 300,000 ''for stock''; in a country with 16.5 million families, 22–24 million houses and 3–4 million empty houses. From all the houses built over the 2001–2007 period, "no less than 28%" are vacant as of late 2008.〔http://www.cotizalia.com/cache/2008/08/28/noticias_50_900000_viviendas_construidas_inmobiliario_estan.html〕 House ownership in Spain is above 80%. The desire to own one's own home was encouraged by governments in the 60s and 70s, and has thus become part of the Spanish psyche. In addition, tax regulation encourages ownership: 15% of mortgage payments are deductible from personal income taxes. Even more, the oldest apartments are controlled by non-inflation-adjusted rent-controls〔()〕 and eviction is slow, therefore discouraging renting. As feared, when the speculative bubble popped Spain became one of the worst affected countries. According to Eurostat, between June 2007 and June 2008, Spain has been the European country with the sharpest plunge in construction,〔()〕 with actual sales down an average 25.3%. So far, some regions have been more affected than others (Catalonia was ahead in this regard with a 42.2% sales plunge while sparsely populated regions like Extremadura were down a mere 1.7% over the same period).〔()〕 Banks offered 40-year mortgages and, more recently, 50-year mortgages. Unlike Ireland, Spanish labour costs did not track house market rises. While some observers suggest that a soft landing will occur, others suggest that a crash in prices is probable. Lower home prices will allow low-income families and young people to enter the market; however, there is a strong perception that house prices never go down. As of August 2008, while new constructions have come virtually to a halt, prices have not had significant movements, neither up nor downwards. The national average price as of late 2008 is 2,095 euros/m2.〔()〕 In July 2012, housing prices were projected to fall another 25%. Government protections allow banks to avoid marking-to-market to postpone losses. "Spanish housing prices are now falling at the fastest pace on record" dropping 15.2% over the last year. Mortgage holders must continue to pay the debt even after a foreclosure. Banks have begun to accept "deed-in-lieu deals" in which the debt is cancelled if the property is surrendered, allowing the bank to quickly sell and recoup a greater percentage of the loan or turn the property into a rental.〔 Some developments resemble ghost towns. For instance, the town of Valdeluz was constructed for 30,000 people, but had a population of only 700 people in 2011.〔()〕 Ghost airports such as €1.1 billion Ciudad Real Central Airport, Castellón-Costa Azahar Airport and others were built. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「2008–15 Spanish financial crisis」の詳細全文を読む スポンサード リンク
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