The economic crisis within Spain is just as prevalent with their football clubs as it is the rest of the country.
Outside Real Madrid and Barcelona, no one in La Liga has any money, and they have mountains of debt to service.
The "big two" don't tend to do much business in January, with the Galactico signings saved for the summer months and for maximum exposure.
As a consequence, there have been no arrivals or departures at the Camp Nou or the Bernabeu this month.
Any transfers at the other clubs will usually be offset by a large sale of a star player. Loans are especially important for the progress of young players and to fill gaps in squads with a minimum budget.
Here is a list of the 20 top transfers this winter, including both loans and permanent deals.
Unless stated otherwise, additional information was sourced from Wikipedia.