This is a process that many developing countries undertook over the past few decades as they implemented deeper programs of structural reforms in order to overhaul their economies.
Structural Funds are distributed by the European Union on a seven-year basis in order to reduce regional disparities in terms of income, wealth and opportunities.
Spain will have to make hard choices in order to shield itself from contagion, according to Roubini, including accelerated structural reform and enforcing fiscal austerity.
In order to keep the eurozone together Berlin has prescribed its medicine - cuts to the deficit and structural reforms that are intended to usher in growth later.