IMF praises ‘dramatic’ turnaround in Spanish bank sector

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The International Monetary Fund (IMF) has published its final report into Spain's financial sector reform programme, delivering an overwhelmingly positive verdict on the economy's turnaround since the eurozone crisis.

The IMF stepped in alongside the European Stability Mechanism (ESM) in mid-2012. The bursting of Spain's housing bubble and the eurozone debt crisis combined to form a "vicious cycle" of "failing banks, unsustainable fiscal deficits, rising borrowing costs, contracting output, rapi

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