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The economic crisis and its impact on the Spanish policy of international cooperation are analysed in three different parts of this document. Initially, the paper addresses the cuts from a Latin American perspective, and through international regulatory framework of the effectiveness and governance of development aid. The second stage analyzes such cuts and its impact in three fields: Latin America, Spanish cooperation policy and the global agenda. Finally, some conclusions arise which point out challenges and opportunities within reduced public expense, and identifies some areas to be considered from a Latin American point of view. [ABSTRACT FROM AUTHOR]