Spain is just latest crisis of the PIIGS states. (Portugal, Ireland, Italy, Greece, and Spain)

Ireland just had their crisis – the Irish government bailed out their banks – but also got some backing from their EU neighbors.

Greece…well they were the first crisis of the PIIGS – and they continue to be on shaky ground. Greek citizens are none to happy with having to give up pensions, etc.

Italy and Portugal are poised and waiting in the wings… unsustainable debt, unstable banking system.

So far, the Fed has stayed out of it… the burden falling on France on Germany.