The new right wing government is going to audit the books. And it’s going to have a good look at the regional and local government books. And the utilities. And it’s going to find that there are billions and billions more debt lying around than anyone has yet owned up to.
This much is in fact already generally known.
The question is going to be, do they find billions of debt, tens of billions of debt or, dear lord, hundreds of billions of debt?
If they believably only find billions then Spanish bonds might improve. Hundreds of billions and, well, it’s Greece again, innit?