Out of curiosity, what is the alternative?
Leave the Eurozone, return to the Peseta, reschedule debts with creditors set their own interest rates. That would be less painful and give a massive boost to all market sectors, especially property and construction.
Spanish exports would be cheap, the resulting boom would soon create enough wealth to repay creditors. Employment would return increased tax receipts and boost government coffers.
Yet they continue to sacrifice what stares them in the face for a misguided political ideal they cannot afford.
Incidentally ignore all the Prophets of doom saying a Eurozone break up would ‘unleash the dogs of war’. Bankers and politicians quake in their boots at the suggestion and spew out propaganda because their banks and institutions would likely struggle to stay afloat.
That’s their bad luck for lending too much in the first place. The EU banking sector needs a massive shock so government can start on a massive ‘deep clean’ and rebuild their entire financial structures.