ABSTRACT

Spain is one of the countries more seriously hit by the global crisis. The financial crisis was followed by a profound economic and institutional crisis as a result of the negative effects of the housing bubble that had occurred in Spain. Dramatic levels of indebtedness and unemployment, a lack of credit and debt relief policy for households, combined with an underdeveloped legal framework for the protection of over-indebted or bankrupted consumers has led to the radiation of the financial and economic crisis to the social sphere.