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"Irish bailout prompts speculation against Spain," headlines El Mundo, in the wake of a massive attack on the Madrid stock market, which recorded a whopping loss of 2.7% on 22 November, while the Spanish 10 year bond yields rose to 4.86%. The daily notes that despite an EU representative’s statement that "Spain is not Ireland," both Portugal and Spain are under pressure from investors demanding further efforts to reduce public spending." Madrid will not be unable to protect itself from negative market sentiment if it fails to complete reforms that are already underway, remarks the conservative daily, arguing that the waning credibitily of José Luís Rodríguez Zapatero’s government has made the country "an easy prey for speculators."
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