Abstract. The article considers the causes and the nature of the economic crisis which was a heavy blow for Spanish economy being in need of structural reforms. The domestic political consequences of the crisis included the change of government, the emergence of new protest movements and strengthening of separatism. Under the Brussels' pressure, Spain was forced to make significant adjustments to its national anti-crisis strategy which had a high social price. Particular attention is given to relations with the EU and the impact of the crisis on the country's foreign policy.