The downturn in output and employment experienced by Spain in the Great
Recession is best characterized as:
At first, Spain had a modest downturn followed by a large collapse in 2010 as the Greek debt crisis spread and
engulfed Spain, forcing the Spanish government to adopt harsh austerity policies.
At first, there was a mild downturn in Spain followed by severe crisis as its banking system collapsed and the Spanish
government let its banks fail.
There was a relatively mild downturn in Spain followed by a rapid recovery because the Spanish government adopted
austerity measures which spurred a boom in private investment.
There was a severe downturn in Spain because of the collapse of Spain's stock market and fall in its exports, leading
to a banking crisis.
There was a mild downturn in Spain followed by a rapid recovery because the Spanish government stimulated its
economy using monetary and fiscal policy.
