With their economy back in recession, unemployment at 24% and heading higher, the sovereign credit rating just downgraded and the cost of borrowing rising, Spain is a serious Eurozone worry.

Greece is a "back burner" problem that will resurface no doubt but Spain is a much larger economy and any bail out will test even the expanded EU war chest.

Spanish Banks are also suffering from the bad loans on the books, a legacy from the collapsing housing market. 

The Spanish people are now striking over what they see as a fairly hopeless situation with the current austerity programme seemingly making matters worse and the future bleak.