There is not a cat in hells chance Spain will leave the Euro, it’s total nonsense. Rajoy is as dependent on the Eurozone as an addict is for a drug.
The fact is he is playing the political game of both ends against the middle. He wants better terms for a bailout and knows Spain cannot tolerate any more austerity imposed by Brussels. Any current EU bailout would come with such strings attached.
Germany and France could not allow Spain to leave the Euro because of the massive indebtedness owed by Spain to their banks. The financial hit would seriously damage their economies.
So Rajoy plays hardball and prevaricates hoping all the time the markets will buy it and move Spain’s borrowing costs lower and he can avoid the ‘men in black’ running his country.
In the end it will be who blinks first.