Spain up the spout?

Grim news regarding Spain, not forgetting Italy:

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9196551/Spains-lose-lose-struggle-reignites-euro-crisis.html

http://www.telegraph.co.uk/finance/financialcrisis/9196534/Stock-and-bond-markets-rocked-by-fears-of-Italian-and-Spanish-debt-spirals.html

Sarkozy has been the cheerleader for the eurozone 'problem solved' brigade.  Oh the irony, if the heat is piled on to just before the French presidential election.