Bite the bullet and put forward a Spaniard? They at least have public sector rectitude on their side. Use this as an opportunity during the "campaign" to push forward the idea that in debt bubbles there are both borrowers and lenders and that more should be expected of the lenders than of the borrowers when it comes to evaluation of credit-worthiness. It would also offer the possibility to discuss the necessary role of bank regulation and how it broke down, partly, in this case, because of trans-national issues.

"It is not necessary to have hope in order to persevere."