Spain lacks a cultural framework that would make the population want market based reforms, as there is so little trust in institutions, employers and employees. Its labor market is not bad because it's impossible to find productive Spaniards, but because productivity, both at the employee and the firm level, is punished.

Podemos is coming, and it's not going to be good for the country. But the alternatives are pretty bleak. Fortunately for Spaniards, a Greece-like catastrophe in Spain would be the death knell of the Eurozone, so the troika will probably bend to Podemos demands, as far as spending goes, as long as some market reforms are done along with said spending. Spain's one way out of this mess is growth.