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Spain and themarkets;The Spanish patient 西班牙及市场;西班牙患者; A full bail-out of the euro area s fourth-largesteconomy is looming; 对欧元区第四大经济体的全面纾困正在逼近; If Spain were a patient, the mood in the hospitalward would be tense. Every attempt by localspecialists advised by renowned Europeanconsultants to treat the sickness brings no morethan temporary relief. Even more worrying, therelapses after each dose are happening sooner and sooner. Spain s chances of avoidingintensive carea full bail-outare receding to near vanishing-point. 如果西班牙是一名患者，那么在医院病房里的气氛是非常紧张的。由欧洲著名顾问建议，并由当地专家所实施的为治疗疾病所做的每个努力都只带来了短暂的缓解。更令人担忧的是，每次服药后病情的复发一次比一次提前。如此看来，西班牙想要避免重病特别护理一次全面的纾困的希望开始变得遥不可及。 The symptoms of Spanish sickness are manifest in ten-year government bond yieldstouching 7.75% on July 25th; previous bail-outs of Greece, Ireland and Portugal occurrednot long after rates had surpassed 7%. Even more perturbing, two-year yields also brieflywent above 7%, in effect foreclosing the government s ability to borrow at anything but shortmaturities. | 
