Where is Spain’s growth going to come from? In the last decade it seems to have come mostly from property/construction.
More austerity to come over the next three years, 20% unemployment already, a debt to GDP ratio that is climbing rapidly and they are also still in denial about both their property bubble and the state of the cajas. They haven’t really done anything about either.
Sounds to me a little like there is some whistling past the graveyard going on here.