Fears mount as Spanish euro uncertainty grows

The eye of the eurozone crisis has turned its unrelenting gaze on Spain. But could such a major European player even consider leaving the euro? Spain is feeling fragile. A rumour that Bankia - the bank in which the Spanish government recently took a big stake - was losing depositors, was enough to see its shares crash this week, before recovering on Friday. Then came the news that Moody's - the credit agency - was downgrading the creditworthiness of several Spanish banks. In the Spanish capital the sun still shone and the elegant cafes still charmed the tourists. There was no tear gas, Greek style, no wailing and gnashing of teeth. Actually no real run on any bank either. But still we found that sense of fragility, a sense that Spain can cope with its current difficulties - but not with new ones. Enough is enough. The new difficulties loom mainly because of Greece.There was never any questioning that this was a good thing for Spain and this was a permanent thing for Spain” Gayle Allard Economics teacher, IE Business School If Greece were to leave the euro, there is no question that the bond markets would turn their attention to Spain and test the strength of the so called "firewall" that the European Union claims to have put around those nations that want to stay in the euro.