People here need to remember that any story in the Wall Street Journal that quotes "experts" from the American Enterprise Institute should be treated with extreme caution.
The story presents this scary graph:
Examined more closely on a quarter/quarter basis vs year/year, it looks like Spain is pulling out of the recession:
I'm not sure what the point has been of all the fear-mongering that's been going on over the last month. If you look at any GDP chart of Europe, you get pretty much the same.
Here's the UK for comparison: