Financial crisis and public media in Spain. Impact of budget cuts on historical regional public
Abstract
The financial crisis that broke out in 2008 is an immediate consequence of the dissemination by American banks, throughout the international financial system, of products derived from the so-called junk mortgages. This reckless behavior by banking entities – putting into circulation and acquiring financial garbage –, in addition to causing bankruptcy on some of them, paralyzed credit and, consequently, economic activity. The strong injection of public money into the banks failed to unravel the situation and the public debt skyrocketed as a consequence of this bank rescue and the very strong reduction in income via taxes, motivated by growing unemployment, which, in turn, requires funds. to cover the subsidies (Navarro, Torres López and Garzón Espinosa: 2011: 17-18).
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