'Spain is fundamentally ugly' - Is it time to really panic yet?

'Spain is fundamentally ugly. That’s why Spain’s five year credit default swaps have risen from under 100 basis points at the start of the year to over 300 bps now. Remember, Irish CDS started 2010 at 150 bps, pushed up to 200 bps mid-summer and recently hit 600 bps as the country teetered on the verge of bankruptcy.
But unlike Ireland, Greece and Portugal, Spain really is too big to rescue. Spain’s banking sector assets of nearly €3.5 trillion are almost €1 trillion more than three other countries’ combined.'

More at The Wall Street Journal but it's not a reassuring read...