While Greece remains the worst case of bailout and austerity Ireland and Spain remains the brightest spot in Euro zone economy and poster child of austerity success.

While growth is still going down in Greece, Spain is becoming fastest growing nation after Ireland.

Spanish government once again today lifted its economic forecast for the year. New estimate shows Spain is about to grow 3.3% this year and 3% in 2016.

Unemployment is likely to drop below 20% by next year and 15.5% by 2017.

However budget deficit still remains a concern. Budget deficit likely to remain around 4.8% this year and Spanish government is expecting to cut the deficit within EU norms only by 2016. With economic growth at 3.3% it will be easier for the government to cut back deficits.

With economic activities improving, Spanish debt is likely to drop faster to 98% this year and 92% by 2018.

Spanish assets remain undervalued, compared to growth the country is registering. Expect Spanish benchmark stock index, IBEX to outperform over the coming years. IBEX is currently trading at 11000, up 7.4% for the day.