Hugo Dixon is Editor-at-Large, Reuters News and the founder of Reuters Breakingviews. He is also the author of "The In/Out Question: Why Britain Should Stay in the EU and Fight to Make it Better." Before founding Breakingviews in 1999, which he edited until 2012, Hugo spent 13 years at the Financial Times, the last five as Head of Lex. He began his journalistic career at the Economist. Hugo is also a budding philosopher. Follow him on twitter: @hugodixon
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The vicious cycle of two years ago is turning virtuous – see Athens’ return to the bond market last week. More can be done to maintain momentum, especially rooting out vested interests. As ever, the weak spot is politics.
Two years ago, the country looked like it was set for a messy default and exit from the euro. Now it is on the verge of returning to the bond market. There are still political and economic risks. But the financial turnaround of Greece is truly impressive.
Prime Minister Mariano Rajoy has achieved a lot in just over two years and growth has finally returned. But as Spain enters a new electoral cycle, the appetite for reform is waning. What’s more, in two years, there is a big question mark.
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