Is Spain Next ? = Bailout ?

Guardian: Reports that Spain is stressing that it is not in the same boat as Portugal, that its economic reforms and austerity will prevent Spain needing a bailout. At present it can be argued that Spain has a point, but as the Guardian article points out Spain holds seventy five billion of Portuguese debt and it exports heavily to Portugal. Thus with the debt from Portugal and the austerity measures that the EU and IMF will ask for it can be postulated that depression in Portugal will be a recession in Spain. As Spain is already in recession this could push Spain in to its own Depression. Thus Spain it can be predicted will be the S in the PIGS of the EURO.