Spain has experienced many financial crises through its history.  These financial crises have varied origins.  However, they do have common threads.  The current recession and subsequent debt crisis follow the same pattern.  The fiscal and monetary policies of the Spanish government have played a role in creating and prolonging the boom and bust cycles.  Government spending, government regulation, credit institutions, budget deficits, the political climate, and international trade are discussed to illuminate the causes and effects of these business cycles.  The Spanish government can take action to improve the economy and to lessen the effects of its financial crises.