Though much of the talk in investor circles may be about the juicy opportunities now up for grabs in Spain, the impact of the crisis has had a damaging effect on other investment indicators. Spain has slipped eight places, from 44th to 52nd, in the World Bank's latest Doing Business report, which classifies 189 countries according to the advantages they offer for corporate activities — its worst position since 2006.
A decline in indicators relating to tax payments and access to credit, both as a result of the crisis, have taken their toll on Spain, which has seen itself leapfrogged by the likes of Poland, Colombia, Slovakia and Tunisia.
Spain has also dropped in the rankings for the ease of setting up a company, slipping from 136 to 142, just ahead of Gaza, and behind Uzbekistan, Zambia and South Sudan, the latter included for the first time in the survey.
Spain has in fact made improvements in this area over the past year, but its competitors have done even better.