¡Feliz Navidad, España!

WHEN Mariano Rajoy and his conservative People’s Party (PP) were elected in 2011, Spain had been knocked flat by the euro crisis and the bursting of a property bubble. Unemployment had more than doubled, to 20% (it peaked at 26% in early 2013), the economy was in a prolonged slump and most of the (savings banks) were insolvent. Spain today is an altogether brighter place. The economy is still smaller than in 2008 but is set to grow by more than 3% in 2015—the best performance among large western European economies. Unemployment is falling steadily. Consumer and business confidence is robust. As Mr Rajoy proclaims: “Spain has passed from being a country on the brink of bankruptcy to a model of recovery that provides an example to…the European Union.”