Recovery elusive but darkest days have passed

Lead and overview article in FT: Special Report 'Investing in Spain 2010'. Early reforms have helped but there is a long way to go before the country is back on track.

The other articles in the Special Report are:

+ Private equity: Less bank financing but lots of distressed opportunities
Mark Mulligan looks at how the private equity industry is coping with changed circumstances

+ Finance: Banks and cajas not yet out of the woods
Fears of a two-tier banking system are still rife.

+ Guest column: Writing is on the wall for gold-plated employee contracts
Unemployment has become the most pressing concern for Spaniards, writes David Mathieson

+ Seville: Historic city hopes to revive its prosperous past
Andalucia’s capital must compete with Madrid for investment.

+ Basque Country: Global outlook in industrial heartland
The region has a proud metallurgical heritage.

+ Property: Well-heeled Europeans home in on top-end dwellings
But the other end of the market is still reeling in the wake of the burst bubble.

+ Renewable energy: Cloudy forecast for solar power
Uncertainty over the direction of regulation is holding back the industry.

+ Abengoa: International approach puts green group on road to success
Victor Mallet looks at the progress of the ambitious company

+ Sun and sea tourism model needs a refresh
Part of the current crisis stems from the close link between Spain’s property bubble and the development of coastal and, to a lesser extent, urban tourism.