Spain, which in many areas of Europe and especially in Germany was considered ‘the ailing country in Europe’ is now surprising for its growth rates, with the negative outlook for 2014 turning positive. Hans-Joachim Massenberg, a member of the Senior Management Board of the Association of German Banks, even declared that Spain could become Europe’s growth machine. Why has the perceived reality of Spain changed so suddenly? This third report of the ‘Case for Spain’ series attempts to explain in detail the reasons behind this acceleration, analysing the sophisticated interconnection between the financial and economic worlds, and how they may wreak damage in countries but also spur on rising economies.