I NEVER thought that I would say this but it appears that Spanish Prime Minister Mariano Rajoy has pulled off a minor miracle with the Spanish economy. The Spanish economy is back growing again, new jobs are being created and there are reasons to be optimistic about the economic future of the country. Even in the Balearics the economic bounce is noticeable. Two giant shopping centres, which are being built at the moment, will create thousands of new jobs and even the hoteliers are investing locally rather than abroad. The big Spanish banks are back in profit and the International Monetary Fund has confirmed Spain´s economic recovery. But the big question is whether “the economic miracle” will help Rajoy´s Partido Popular win the local elections next year and the general elections in 2015? I think it is unlikely that the Partido Popular will win the local elections in the Balearics. Opinion polls point to defeat for Balearic President Jose Ramon Bauza. He will probably win but will not secure an overall majority which will leave the door open for another so-called “rainbow coalition.” Now the general elections are still two years away and the opposition socialist party are in a mess. But I suspect that if the economic situation continues to improve then Rajoy will take the credit at the ballot box. This has been a long and nasty recession but it does appear to be finally coming to an end. I sincerely hope that Spain has learnt its lesson about boom and bust.
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