What was primarily responsible for the most recent debt crisis in Spain?

Question

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The most recent debt crisis in Spain was primarily caused by the country's banks having too many unsound mortgage loans and mortgage-backed securities. The housing bubble burst in 2008, and Spanish banks were left with a large number of loans that were unlikely to be repaid. This led to a credit squeeze, which made it difficult for Spanish businesses and consumers to get loans, resulting in a slowdown in economic growth. Political instability and excessive government borrowing did play a role, but they were secondary factors.

What Was Primarily Responsible for the Most Recent Debt Crisis