I think the austerity measures imposed by Europe to Spain will eventually work. But the only possible outcome I personally expect is to get back to where we were before the crisis. An illusion of wealth just waiting for the next crisis to happen.
Politicians seem to have decided that this crisis won't change anything. Probably because the first thing that needs to change are the politicians themselves.
After this crisis, Spain will be as inefficient and as brittle as it was before. Spain economy will keep depending on the state, on the banks and on a few very big companies to survive. We will keep depending on our King closing big deals with Arab Sheiks while hunting elephants in Africa.
The banks and the big companies, knowing that the consequences of their errors will be assumed by the tax-payers, as they cannot afford to let them down, will keep becoming increasingly more inefficient and incompetent.