THE ECONOMIST:

THERE are two ways to look at Spain’s economy. One is to see it as a landscape blasted by the triple shock of the property crash, the financial crisis and the travails of the euro zone. In this Spain banks are in ruins, the recession drags on and the unemployment rate tops 25%. House prices are still far below what they were in 2007. Reyal Urbis, a big property company, went bust last month.

But anyone surveying the wreckage will notice that parts of corporate Spain are not only still standing but gleaming and growing.

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