http://www.chron.com/news/article/Spain-s-banks-government-co-dependent-on-debt-3660227.php

Commentary:  Spains bank owns a lot of debt. Part of it is yield. This is why some sort of euro bonds or something must be done to bailout this out. If the government can’t meet payments then the banks go under and you get a vicious circle. Some sort of system must be set up to cushion against this kind of blow.