Where are the opportunities following Spain's dramatic reforms?

Structural reforms are opening up the Spanish market to alternatives managers and lenders again, writes Squircle Capital managing partner José Caireta

The IMF raised its GDP growth forecast for Spain to 3.1% from 2.5% in June, far ahead of the European average. This underlines the country's remarkable recovery from the depths of the financial crisis (see chart, below).  Back in 2007, Spain had the world's second-worst current account deficit. Today, its primary budget deficit is shrinking fast; productivity is improving, thanks to internal devaluation (since 2009, labour costs have fallen 12% relative to German wages); and exports are booming, up around one-fifth from their pre-crisis level. Spain is a major producer of auto part...