PER 2015
References and further reading: http://www.yourclimateyourlife.org.uk/1_impacts.html http://www.independent.co.uk/voices/iv-drip/the-shocking-facts-about-uk-inequality-9059140.html http://www.economicshelp.org/macroeconomics/economic-growth/benefits-growth/ http://www.telegraph.co.uk/news/worldnews/europe/eu/11513825/Aid-budget-to-increase-by-1- billion.html http://environment.nationalgeographic.com/environment/global-warming/gw-effects/ http://www.conserve-energy-future.com/various-global-warming-facts.php http://www.theguardian.com/environment/2014/feb/12/uk-floods-the-facts http://www.migrationwatchuk.org/briefingPaper/document/144 http://www.telegraph.co.uk/news/uknews/immigration/11209234/Immigration-from-outside- Europe-cost-120-billion.html http://www.debtbombshell.com/ http://www.economicshelp.org/macroeconomics/fiscal-policy/effects-budget-deficit/ When economies all over the world were plunged into recession in 2008, the EU was hit particularly hard and found itself in all sorts of economic trouble. Poland and Slovakia were the only members of the EU that avoided recession, Eurostat reported that the debt to GDP ratio of the EU increased from 70.1% in 2008 to 87.2% in 2011 and that EU unemployment levels reached record levels at 11.6% in September 2012. Furthermore, the IMF concluded that the 2008 recession was the worst since World War II, and rivalled that of the Great Depression in the 1930s. Spain was one country that was particularly devastated by the recession, in part due to its enormous property bubble that burst in 2007 after 23 years of rising property prices, which was accompanied by the artificial and unsustainably high GDP growth rates that the government failed to address. The problems caused by the recession included a ruined banking system, astronomical unemployment rates and corruption scandals that swept through both of Spain’s main political parties, the Popular Party (PP) and the Socialists. The government implemented various policies to try to deal with these issues, which resulted in a nationwide and international question being posed; has Spain really dealt with their economic problems? Ruin The first problem caused by the recession was the severe damage inflicted on Spain’s banking system. It was left in tatters when Spain’s 23 yearlong property bubble burst in 2007, which led to property prices falling by 37% between 2007 and 2013, then a further 15% between 2013 and 2015. This devastation led to the state nationalising lenders and turning to the EU for aid, which they eventually provided. Spain’s debt is not particularly large, but it will have to substantially increase it to find enormous amounts of money to support its troublesome banks- Bankia lost €4.45bn in the How far has Spain dealt with the economic problems it faced after the 2008 recession? Cameron Gleave
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