Sidestepping a Spanish crisis

Fears are growing over Spanish debt ahead of the country's new austerity budget, but it seems Madrid may have re-nationalised enough to avoid a major crisis.

All eyes will be on Spanish prime minister Mariano Rajoy this week as he battles desperately to dampen speculation that his country will be next in line for a bailout.

Despite suffering a surprise setback in a regional election on Sunday, and the prospect of a general strike on Thursday, Rajoy is adamant that his 2012 budget, due to be unveiled on Friday, will be a "very, very austere budget”.

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