Madrid is the capital and largest city of Spain. As the capital, Madrid is a city of cultural and political importance. It is also a major European economic centre, and its international airport at Barajas is the largest in Spain. Due to its economic output, standard of living, and market size, Madrid is considered the major financial center of the Iberian Peninsula; it hosts the head offices of the vast majority of the major Spanish companies, as well as the headquarters of three of the world's 100 largest companies (Telefónica, Repsol-YPF, Endesa).
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