Comparative Analysis of Crisis’s Consequenses on the Economies of Portugal and Spain in the Period of 2008-2009

This paper examines the consequences of the 2008-2009 crisis on the economy of Spain and Portugal with further comparative analysis. Countries were not chosen by chance, they are united not only by geographical proximity, but also by a common history. The simularities of languages with a geographic relationship has long contributed to the convergence of countries, both in cultural and economic terms. Thus, our work aims to carry out a statistical and empirical comparison of the consequences of the crisis on selected countries. To achieve the goal, we set a number of tasks that we successfully completed, namely: described the EU anti-crisis policy, including the legal framework and the causes of the crisis; Considered both documents preceding the crisis, and agreements concluded during the crisis period; The main regulations and their impact on the economies of the countries surveyed; Next, we moved on to a deaper review of the crisis in Portugal and Spain, examined the causes of the crisis and its spread, including the subsequent economic recovery; We made a separate emphasis on the conditions of the crisis in each of the countries, as well as the specifics of the mechanisms for restoring these states; Conveyed comparative analysis of recovered instruments between countries; Carried out an empirical comparison, and statistical analysis of key indicators for the countries; We carried out a correlation analysis that helped us to understand better the interdependence of the main indicators. Anyway, we got ambiguous results, thus we could not fully prove the hypothesis of the work. First, we found out that the main causes of the crisis in each countrie differed. Thus, Spain has a big role of real estate bubble. While in Portugal, the main is public debt, both internal and external, accumulated over the years before the crisis.