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The Ending Of Money Heist Part 5 Volume 2 Explained

The Netflix international hit show "La Casa de Papel," or "Money Heist" in the U.S., has officially ended with the release of Part 5 Vol. 2, and boy, does it go out with a bang. While the gang behind the biggest heist in the world has gotten themselves in some pretty deep trouble before, nothing compares to the events that unfold in "Money Heist" Part 5 Vol. 2

Going into the last episode of the series, the "Money Heist" characters seem to have lost all hope when it comes to getting Spain's gold reserve and escaping the bank. The Professor AKA Sergio (Álvaro Morte), former police inspector Alicia (Najwa Nimri), and the rest of the outside operations crew all find themselves captured by police. Meanwhile, an army unit bets on a "Trojan horse" plan that involves opening the bank using undercover surgeons in order to capture the entire crew inside.

With no idea where the gold was taken and his crew being held at gunpoint, the Professor decides the next step of action is to turn himself in so that he can be arrested alongside his crewmates. For a period of time, it seems like the Professor has given up. However, "Money Heist" couldn't possibly end without the Professor revealing one last card hidden up his sleeve.

Denver's true loyalty is revealed

Episode 10 of "Money Heist" Part 5 Vol. 2 starts with the show's crew on their knees and guns pointed at their heads. They all know that the police unit that captured the Professor and his outside crew was actually not the police, but rather another heist crew who knew their plan and stole all of the gold for themselves. 

Despite all these issues, the Professor doesn't say much about his backup plan other than the fact that it's absolutely imperative no one reveals that the gold was stolen. He tasks Alicia with finding the stolen gold while he goes to the bank in what, at first, seems like surrender. However, much to police commander Tamayo's (Fernando Cayo) dismay, the Professor says the game hasn't ended, but that it has only just begun. The Professor and his co-conspirator and lover, Lisbon (Itziar Ituño), are then separated from the crew. 

That's when Tamayo gives everyone an ultimatum: Each crew member will be individually interrogated and if they reveal where the gold is, they will be given a new identity and a government stipend. After getting angry at the Professor for risking all their lives, Denver (Jaime Lorente) is chosen as the first crew member to be interrogated.

During the interrogation, Tamayo upgrades his offer to include a pardon for Denver's wife, Mónica AKA Stockholm (Esther Acebo), and promises that he and his family can live happily ever after in witness protection if he complies with Tamayo's demands. But in a surprising twist, Denver refuses to talk and — even though he doesn't completely trust the Professor's plan — turns down the opportunity for freedom. In doing so, he reveals his unwavering loyalty to the Professor and his crewmates.

The Professor always has a backup plan

Another part of the Professor's final plan is enacted when a video is streamed across the globe that details exactly how the crew was able to mine the gold. In a flashback, it's revealed that the Professor was planning all along to cause Spain's financial collapse by stealing the 90 tons of gold, which is the country's entire financial reserve. Part of this plan is contingent on the fact that Spain's stock market will collapse, as will the country's relationship with foreign markets, when it's revealed the gold has been taken. With Spain's economy and government on the verge of collapse, the crew will have the only thing that can prevent that from happening: the gold.

Tamayo says the video did not work because he has the financial support of the Bank of Central Europe. But that turns out not actually the case, as the Bank no longer trusts Spain because of the crisis and decides to let the country fail — forcing Tamayo to try and get his answers through more violent means.

Meanwhile, Alicia finds herself on the tail of the stolen gold and figures out that it must be on some newly purchased land in the area. Alicia's intelligence is on full display when she finds the gold but things get tense when she comes to a standoff with the thieves, who are revealed to be two people who knew the plan all along: Berlin's ex-wife, Tatiana (Diana Gómez), and his son, Rafael (Patrick Criado). 

Tamayo reaches his breaking point

While the crew is holed up and the Professor and Lisbon are being interrogated, Marsella (Luke Peros) enacts a plan called "Tom Thumb" to lead the police on a wild goose chase in search of the gold. Taking the bait, Tamayo calls on the Navy, Interpol, and the usage of global satellites in order to search for the gold, but comes up with nothing.

Tamayo, understandably, reaches his limit. He's desperate to solve the debt crisis and is willing to do so by any means necessary. At the Professor's urging, he makes a public statement saying he has found the gold, and several trucks even rush in to prove it. 

However, Tamayo discovers that the trucks were carrying gold painted bronze and tells the Professor and Lisbon that the heist crew will be executed if he doesn't get answers. With the crew on their knees and all the guns locked and loaded, Tamayo begins counting down from 10, but the Professor assures him that the financial crisis will be over and Tamayo will be known as a national hero if he just keeps the truth about the bronze a secret.

Tamayo reaches the end of his countdown and a round of gunshots is heard before the screen cuts to black, leaving viewers to briefly think that the worst has occurred.

The Money Heist crew get away... or do they?

It is subsequently revealed that Spain's financial crisis has ended and Tamayo tells the public that the Professor, Lisbon, Helsinki (Darko Peric), Bogotá (Hovik Keuchkerian), Río (Miguel Herrán), Pamplona, Stockholm, Manila (Belén Cuesta), and Palermo (Rodrigo De la Serna) were all killed for resisting. Multiple body bags are wheeled out of the bank and into ambulances, and the crowd of their supporters begins to grieve their apparent deaths.

Thankfully, it all turns out to be nothing more than a final ruse played by the Professor, who is still alive along with the rest of the show's central crew. By some miracle, they all actually managed to pull off the world's biggest heist, and, better yet, no one will ever know that they did. Indeed, they all get what they wanted (even Rafael gets a portion of the loot as a tribute to his father's legacy). A day later, the crew, including Alicia and her newborn, are given passports and a military escort to their new lives.

Although the final episode of "Money Heist" ends on a fairly positive and triumphant note, its conclusion does raise a few questions. In specific, it's a bit hard to believe that Tamayo will simply let the Professor and his gang walk away with the country's entire financial reserve just so that their heist is put to an end. After all, if he knows the 90 tons of gold is still out there and will likely be claimed by the crew, is he really going to let them keep it forever? It's something worth thinking about, at the very least.

Fortunately, fans will get the chance to return to the series' unique crime world whenever the "Money Heist" spin-off makes its highly anticipated premiere.