[adventureful]

In my opinion Spain needs to hit the big reset button, Argentina style. There are a lot of very interested parties in finance that don't want to see that happen, but it'd serve the Spanish well. Digging out (which appears harder by the day) otherwise will take decades, and has no greater chance for succeeding. Pull the band-aid off quickly and get on with rebuilding and putting people back to work.

[molmalo]

Yes, It'd be painful for a time, but they'd recovery much faster. But of course, there's the scare of that becoming the fall of the Euro. And also, the other countries are not very happy to receive a lot of Spaniards. And with Spain letting the Euro go there'd be a lot of immigrants (unless of course, they let the Schengen Agreement fall too).