What Was Primarily Responsible for the Most Recent Debt Crisis

Multiple Choice

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

A) the Spanish government had borrowed too much, so its debt-to-GDP ratio was very high
B) the Spanish government cut spending in an effort to free funds for private investments
C) political instability
D) Spanish banks held too many unsound mortgage loans and mortgage-backed securities
E) all of the above