Nouriel Roubini, he who called the first crash, joins critics of austerity measures..

http://www.guardian.co.uk/business/2012/apr/11/eurozone-crisis-live-spain-in-crisis
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Nouriel Roubini @Nouriel

Spain's industrial production is free falling and the draconian fiscal austerity will make its recession much worse...
The European Commission is turning the screws on Spain. It wants a "full picture" of Spain's budget consolidation plan, not only by central government. It says that, without information on regional budgets, it cannot provide any recommendations to Madrid. It's asking for the additional information by the end of April.

With regards to a bailout, the Commission is standing by its view that Spain will not need eurozone help for the recapitalisation of Spanish banks. We shall see...
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Markets steady after sharp falls