Spain has been held up to other euro zone countries as an example of the benefits of structural reform.
That’s fair enough, up to a point.
The conservative government’s bank rescues and labour reform have stabilised the financial system and improved competitiveness.
The economy is expected to grow 1.2 percent this year and 1.7 percent next year by the European Commission.
But the country is troubled, as I discovered after spending several days in Madrid and Barcelona last week.
The unemployment rate may be falling but it is expected to end next year at an eye-watering 23.5 percent. Corruption scandals embroiling politicians from all the traditional governing parties are popping out of the woodwork.
And government debt is still climbing and expected to exceed 100 percent of GDP next year.
Read more: Meanwhile, many Catalans are campaigning for independence