The issue here is that the politics has become invisible and pretends to be inevitable.

The standard narratives are now built into the frame of the debate. No serious person can ever question them, and even unserious people can have difficulty seeing through them.

Economics is politics by other means

Or in more detail, economics has become a very literal form of Newspeak.

Instead of being simple, it pretends to be complicated. But it has the same deadening effect; dissenting concepts become unthinkable, challenging questions become unaskable, and humane values become morally hazardous.

But this means Spain will have to do whatever Germany decides it has to do. Otherwise Spain will follow Portugal fate and the ECB will stop buying bonds.

And here you have a poker game if Germany and Spain knew what they are doing.. the problem is that the crazy economic sect of uber-austerity is in the middle of the game. They may want Spain to receive a lesson, and more pain for the South and all that stuff. They could destroy the euro in theprocess.

So, the austeristas and gold-stadnard lovers will have to break one of their dremas. A pure gold-standard, since the ECB has to buy spanish debt... or just the end of the euro-gold because noone will pay the spanish bail-out.

Two years on, the only last hope of Spain is  still that it is too big to fail and the ECB must fix the spanish bond rate or the euro can go in flames...

The other option is that they try to do a Portugal to Spain... more pain for Spain.. and a bridge loan.. and then moves to the next country.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

Spain, in fact, joined forces with the other big European economies on an earlier occasion:

The surge in Irish bond prices on Friday came after the finance ministers of Europe's five largest economies issued a statement reiterating that any plans to force private investors to bear the burden of future sovereign bail-outs would not affect anybody currently holding eurozone bonds.

"We are clear that this does not apply to any outstanding debt and any programme under current instruments," the British, French, German, Italian and Spanish finance ministers said in the statement released at the G20 summit in Seoul.

Zapatero, the last best hope of Social Democracy in Europe [sic], joins forces with the Conservative-Neoliberal governments of Germany, France, Britain and Italy in a futile attempt to protect his own bond spreads, only to find a few weeks/months from now that the other 4 larger economies hang him out to dry...