Now that Greece is arguably an old story (though we’ve been fooled too many time to be certain of that), it’s Spain’s turn to take the stage.
In the last 24 hours, Prime Minister Jose Luis Rodriguez Zapatero has come out and promised to enforce strict austerity measures to deal with the country’s budget deficit that’s 11.3% of GDP, according to RTTnews.
Whether they can do it, and convince the bond market that they can make it stick is another story.
And unlike Greece, Spain is too big to bail.
Business Insider Emails & Alerts
Site highlights each day to your inbox.