After two long years under the sword of Damocles and threats of a bailout, Brussels says that the worst is over for Spain. According to the European Commission, our country has carried out deep reforms and austere cutbacks resulting in a balanced budget.
But the EC has distorted reality somewhat, because not all is well in Spain. Public and private debts are still too high, which hinders growth. And unemployment still weighs heavy. February jobs numbers show that Spain is creating jobs for the first time since the crisis began, which is a sign that reforms had a positive effect. But the economy is still fragile, and just as the EU warned, the government cannot afford to rest.