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→Economy: Spelling/Grammar Check, typos fixed: infratructure → infrastructure
Following the financial problems starting in the [[USA]] the economy of Spain had serious problems. Like the US, it had a huge housing bubble. Unlike the US, the banking sector relied on small Cajas de Ahorros. When the housing market collapsed, most of the Cajas de Ahorros found themselves with red balance sheets, sparking the Spanish banking crisis. The collapse of the housing market also had a devastating effect on the construction and service sector. A surplus of housing also led to the collapse of prices in the rental sector.
Following the financial problems starting in the [[USA]] the economy of Spain had serious problems. Like the US, it had a huge housing bubble. Unlike the US, the banking sector relied on small Cajas de Ahorros. When the housing market collapsed, most of the Cajas de Ahorros found themselves with red balance sheets, sparking the Spanish banking crisis. The collapse of the housing market also had a devastating effect on the construction and service sector. A surplus of housing also led to the collapse of prices in the rental sector.
Spain's public sector is proportionally smaller than most, including those of the US. Nevertheless, Mariano Rajoy's government has sought to privatize most of the remaining state-run sector while increasing subsidies to banks like Santander and Bankia and cutting investment in infratructure. The cost of these reforms has further burdened the Spanish the economy, causing considerable social unrest as cuts to education and health start to bite people find less money in their pockets.
Spain's public sector is proportionally smaller than most, including those of the US. Nevertheless, Mariano Rajoy's government has sought to privatize most of the remaining state-run sector while increasing subsidies to banks like Santander and Bankia and cutting investment in infrastructure. The cost of these reforms has further burdened the Spanish the economy, causing considerable social unrest as cuts to education and health start to bite people find less money in their pockets.
==History==
==History==