It appears to many of us that Spain is not so much on the crest of a wave as on the crest of a small tsunami.

Almost everywhere we seem to be confronted with good news or great news. More cement is now produced and consumed in Spain than anywhere else in Europe; infrastructure funds are paying 16 times current earnings before interest, taxes, depreciation and amortisation for apparently mundane vehicle inspection businesses; and everyone wants to own the country’s electricity generating industry.