The global economic downturn was caused by over borrowing and lending irresponsibly both in the US and Europe. That is the root cause. Spain’s over reliance on the construction and property sector made it’s economy more vulnerable in the down turn. Subsequent slow down in other economic sectors are a knock on effect from the root cause.
The world is unlikely to see again easy cheap credit being available to governments, corporations and individuals on the previous scale.
The most interesting aspect of the present situation is the tolerance the Spanish people have previously shown in the face of the austerity measures.
Had the same measures been taken in France or Italy, strikes and riots would bring those countries to a stand still.
I think it gives the Spanish people a great deal of credit.