Today Spain approved its own €15bn "austerity plan", in a bid to avoid the debt market disaster that Greece feel victim to. This is a much smarter plan, if you ask me. But don't get me wrong, it won't be enough to keep the wolfpack away. But they will probably make off with a much smaller chunk of Spain's flesh than they got from Greece.
Of course, the Greeks have already greased the path for Spain, Portugal, Italy, Ireland, France, and everyone else in the eurozone, so it's a much easier decision now to bite the bullet quickly and make a start on "dealing with" those unassailable national debts.