In this report

As its bankers find renewed confidence, the property market stirs and large construction companies expand abroad, national institutions such as the monarchy, political parties and the judiciary face criticism unprecedented in post-Franco Spain. Catalonia, meanwhile, considers going its own way. This report explores Spain’s present and future perspectives.

Crisis of trust as economic downturn ends

National institutions face hostile scrutiny amid secession threat

Jobs may prove vital to Rajoy’s fortunes

Leader’s hopes hang on getting people back to work

Sarah Gordon

Risks remain despite signs of recovery

Debt, unemployment and Catalan nationalism hamper the government’s efforts, writes Sarah Gordon

Banks enjoy renascent spirit

Signs emerge of fragile yet steady revival

Distressed asset seekers spot quality amid the debris

Hedge funds move from short to longer-term view

Vultures may have had their richest pickings

Private equity wonders whether bargains have vanished

Pedro Fontana, chief executive of Áreas
©David Farrán Ruiz

Latin America acts to cushion the blows

Investment by former colonies helps take edge off crisis

Property buyers and sellers haggle out a price

Commercial sector picks up as foreign funds buy office and shopping space but residential market lags behind

Foreign opportunities sought as home market splutters

Overseas projects help keep construction groups in business

Electricity industry absorbs the shock of reforms

Subsidy cut on renewables takes its toll but there may be light ahead