Spain’s Long Economic Nightmare Is Finally Over

The New York Times on the Spanish economy, which has returned to pre-recession levels.

Spain’s economic reconfiguration is widely hailed as a key driver of growth. A decade ago, the country was hopelessly addicted to a credit-fueled construction boom that produced a shattering bust, leaving banks collapsing in the face of bad loans.

Today, construction is at half its previous weight in the Spanish economy. Exports have swelled to close to one-third from about one-fourth of the national economy.

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Spain’s Long Economic Nightmare Is Finally Over