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"Full-scale assault on Spanish debt," headlines Público. With risk premiums on Spanish sovereign bonds at their highest level since 1996, "the cost of borrowing for the government in Madrid is double what it was a month ago." News that Spanish central government’s deficit was down by 47% from a year ago failed to restore positive market sentiment. "Now that the euro zone has officially acknowledged that Ireland is a second casualty, speculators are convinced that they can smell blood and large investors are pulling out their money," remarks the Madrid daily. "Spain is having to face up to very severe punishment, if it stumbles, or if it is unable to service its debt, it could bring down the euro."
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