The global financial and economic crisis abruptly changed the socio-economic and political situation in Spain. While having successfully developed in the decade before the crisis, the country became one of the most unfortunate countries in the EU (the so-called PIIGS group, which also includes Greece, Italy, Portugal and Iceland). After centuries of isolation of Spain integrated into European institutions and started to play a prominent role at the international arena. In the proposed article, the author explores the problems of internal and foreign policy, facing the modern Spain.