The Spanish economy is one of extremes. At one point a focus of the eurozone crisis, at another the largest contributor of growth, and more recently, suffering the greatest economic hit of any Advanced Economy in 2020. Spain’s economic problems are often confused. In the years leading up to the Great Recession it posted consistent budget surpluses. However, a huge real estate bubble was lying in wait. The question… is why? Why did Spain go from a seemingly safe level of debt to one larger than it’s economy? How was the housing bubble encouraged? And since then, has Spain’s economy ever truly recovered? Or in what ways?