Helga Jung comments on the issues:  After fighting for its life for the last two years, Spain’s economy finally seems to have moved out of intensive care. The banking sector has been deemed “cured”; demand for Spanish bonds has soared; and the country can once again raise capital at reasonable interest rates on the market. But much more work must be done to ensure a stable long-term recovery.

Investor confidence is up but so is long-term and youth unemployment.  Relapse into reform fatigue would be disastrous.