Spain is next in line

MADRID (AP) -- Could Spain be the next Greece? The government bristles at the very thought, and points out its debt burden isn't nearly as heavy.
It's a stinging comparison nonetheless for a country that only a few years ago had burgeoning growth but is now lumped with other deficit-laden countries on a watch list for a Greek-style crisis.
The collapse of a real estate- and consumer-fueled boom has left Spain with a eurozone high jobless rate of nearly 20 percent, and the government ran up a deficit that in 2009 equaled 11.4 percent of GDP. That is way over the eurozone limit of 3 percent and earned Spain a place as the letter "S" in the inelegant PIGS acronym coined by analysts (the others are Portugal, Ireland, and Greece)...
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Comment: Financial market always go for the easiest victim first. In they succeed, they'll take on the next. If they do not succeed, they also take on the next in line. This way they move up the latter, and sometimes it is not the weakest that gets killed but the fattest.