I can't help thinking that although the situation with Grece is serious, what until recently seems to get less press activitity is that Spain seems to be on a knife edge of defaulting/banking collapse. The downgrading of the 16 Spanish banks was a blow for Spain but what is more worrying is that the cost of borrowing for Spain is approaching the stage where Spain just cannot afford to borrow anymore and will require a bailout that cannot be afforded by the Eurozone.
If Spain defaults then the Eurozone is completely fucked. More fucked than it is now.
Huge shame - I thought that at the time the Euro was a great idea and the UK should join. I'm glad to say I'll have to admit I was completely wrong.