The Spanish Financial Crisis 2008-11 - Cloze
Source Wikipedia

 Tanya Lacey

Activity by: Tanya Lacey

First, do these activities: vocabulary. Listen to the recording if necessary: Slow MP3, Fast MP3 Fill in all the gaps with the missing words, then press "Check" to check your answers. Use the "Hint" button to get a free letter if an answer is giving you trouble. You can also click on the "[?]" button to get a clue. Click the this button again for another letter. You can also click on "[?]" for a different hint. Note that you will lose points if you ask for hints or clues! Finally, do the quiz.

Primero, haz la actividad de vocabulario. Escucha la grabación si es necesario. Rellena los espacios en blanco con las palabras que faltan. Haz click en "Check" para comprobar tus aciertos. Si te resulta difícil la respuesta utiliza el botón "Hint" y te revelará una letra de la casilla en la que te encuentres, puedes clickear varias veces en "Hint" y te dará cada vez una letra más de la palabra. Para obtener ayuda también puedes clickear en el botón "[?]" y te dará una pista. Perderás puntos con las pistas.

Listen: Slow and Fast

   bankruptcy      bubble      contracted      deficit      GDP      grim      indebtedness      issued      lack      loss      path      rise      shocking   
The 2008-2011 Spanish financial crisis is part of the world late-2000s financial crisis. The crisis was generated by long term loans commonly for 40 years, the building market crash which included the of major companies, and a particularly severe increase in unemployment, which rose to 13.9% in February 2009.

Spain continued the of economic growth when the ruling party changed in 2004 keeping robust (gross domestic product) growth during the first term of prime minister Jose Luis Rodriguez Zapatero even though some fundamental problems in the Spanish economy were already evident. Among these, according to the Financial Times, there was Spain's huge trade (which reached a staggering 10% of the country's GDP by the summer of 2008), the " of competitiveness against its main trading partners" and, also, an inflation rate which had been traditionally higher than those of its European partners, back then especially affected by house price increases and a growing family (115%) chiefly related to the Spanish real estate boom and rocketing oil prices. This boom saw real estate prices rise 201% from 1985 to 2007.

During the third quarter of 2008 the national GDP for the first time in 15 years and, in February 2009, it was confirmed that Spain, along with other European economies, had officially entered recession. As feared, when the speculative popped, Spain became one of the worst affected countries. Due to the of its own resources, Spain has to import all of its fossil fuels, which in a scenario of record prices added much pressure to the inflation rate.

As for the employment, in October 2008, Spain suffered its worst unemployment ever recorded and so far, the country is suffering Europe's biggest unemployment crisis. By July 2009, it had shed 1.2 million jobs in one year and was to have the same number of jobless as France and Italy combined. Spain's unemployment rate hit 17.4% at the end of March. Spain for the first time in her history had over 4,000,000 people unemployed, an especially figure even for a country which had become used to unemployment data.

Was the crisis inevitable?

Why was it particularly severe in Spain?

What did Zapatero do wrong?

Would the opposition have managed the crisis any better?

Why is Spain’s unemployment so high?

Do the government spend their money wisely?

How could we improve the economy?

Should there be more taxes for the rich?

Are the cutbacks in education and health necessary?

What have we learnt form the crisis?