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Unformatted text preview: a was declared free from Spain Costa Rica El Salvador Guatemala Honduras Nicaragua Panama North America Mexico Spanish Florida “New Spain”(Texas, California , Arizona, Utah, Colorado, Oklahoma and New Mexico) Economy One thing that currently comes to mind when one mentions Spain is the current economic status. As evident from its tremendously high unemployment rate, Spain is in the midst of an Economic Crisis. To summarize, the crisis began with the housing bubble that the rest of Europe Experienced in the late 2000’s. In the 60’s and 70’s it became ingrained in the Spanish culture that everyone should own their own home as a result of encouragement by the government. GDP had been growing at an above average rate for 15 years. Construction boomed and all over the country new condo complexes were being built up and down the coast. In 2009 the Spain entered a recession, and construction stopped in its tracks. When the housing bubble pop...
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