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This bachelor thesis focuses on the recent financial crisis that hit many countries one way or another. While the general causes and consequences are explained, the focus is on Spain and how the crisis developed there, in which ways the Spanish government and people were influenced and what measures were taken to restore the country's economy. Special emphasis is also put on the Austrian Business Cycle Theory in order to explain the origin of the financial crisis that started in 2007. All in all, the main aim of this paper is to give a small overview of this global crisis and its impact on Spain.