The last thing that the European Economic Union should do when they see red in Spain is -- give more money.
The leadership in Spain is facing an unprecedented banking crisis, one borne by fast, loose, and unsupported real estate ventures, just like the housing bubble which rattled markets in the United States.
Europe must bail out on the Bailouts! This insanity of billions upon billions to shore up toxic debt will do more damage than forcing a default on countries which have refused any fiscal discipline.
This insanity must stop. It would be better for the Mediterranean nations to run with the bulls of bank runs and fiscal deflation than for the entire European community once again to shore up the debt of an underperforming partner which has chosen fiestas and late-night parties instead of fiscal discipline and long-term austerity.