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Social Policy Review 24Analysis and debate in social policy, 2012$
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Majella Kilkey and Gaby Ramia

Print publication date: 2012

Print ISBN-13: 9781447304470

Published to Policy Press Scholarship Online: January 2013

DOI: 10.1332/policypress/9781447304470.001.0001

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From opportunity to austerity: crisis and social policy in Spain

From opportunity to austerity: crisis and social policy in Spain

Chapter:
(p.231) Eleven From opportunity to austerity: crisis and social policy in Spain
Source:
Social Policy Review 24
Author(s):

Javier Ramos-Díaz

Albert Varela

Publisher:
Policy Press
DOI:10.1332/policypress/9781447304470.003.0012

Since the mid 1990s, Spain enjoyed a decade of sustained growth that appeared to give a definitive impulse to convergence with its European counterparts. The 2008 crisis, however, brought this economic miracle to a halt and exposed the shaky foundations of Spain's economic performance. The Socialist government initially saw this crisis as an opportunity to kick-start a process of economic transformation by implementing a wide-ranging stimulus package, but soon markets started targeting Spanish bonds for the country's growing public deficit, banking sector problems, lack of competitiveness and weak growth prospects. The government reacted by implementing a severe austerity programme of deficit reduction, banking sector restructuring and financial stabilisation, but these measures have proved ineffective in appeasing market pressure in the context of the Eurozone economic and governance crisis.

Keywords:   Spain, Crisis, Social Policy, Austerity, Eurozone

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