If this is accurate, next month may be an especially painful month in Spain. One regional government failing is obviously not good so if others also fall, the already delicate situation could easily spill over into a broader European Union problem. Greece, Portugal or Ireland are small issues compared to any problems in Spain. The Guardian:
The conservative Spanish government of Mariano Rajoy expects to take direct financial control of at least one of the country's ailing regional governments by May, according to sources in Madrid.
With some regional debt already downgraded to junk, senior officials said it would be the regional governments themselves that came to Madrid to beg for help to get through the year.
"It wouldn't be surprising if this happened in May," said a high-ranking official. "Some are paying interest rates that are impossible."