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The austerity measures launched under the socialist government of José Luis Rodríguez Zapatero and maintained by his conservative successor Mariano Rajoy have not been enough to contain the consequences of Spain's housing bubble collapse. Sunk by too many toxic assets, Spain's banks must be recapitalized. But the state, with an asphyxiated economy, is struggling to raise funds, while refusing foreign aid. And Europe fears that an eventual bailout could sink the euro project.
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