Spain has just borrowed 3.6 billion Euros over ten years at 6.975% interest just to repay their existing debt for a while!!! This is crazy!!! They are bankrupt, just as Italy is too. The next couple to go will be Spanish neighbour Portugal and the Uk's neighbour Eire.
Germany and France cannot pick up the tab for these four going bust due, mainly, to poor Government. Why should they in any case? Well if they want the Euro to survive, then they must find the money from somewhere.
This is the big dilemma. If the Euro system collapses then so does the EU. For me, it can't come soon enough!!
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