Moorad Choudhry: Is Rajoy Lost in Spain?

Moorad Choudhry, Treasurer, Head of Treasury, Corporate Banking Division, Royal Bank of Scotland says that in the short term, his worry is more about whether Madrid can take control of its debt situation, rather than whether a province will secede.

Joe Weisenthal: Spain's Austerity Won't Affect Markets

Joe Weisenthal, the deputy editor of Business Insider, commented for CNBC on the announcement of Spain's tax hikes: "In theory, Spain taking these austerity measures is what the markets want to see, but in practice it seems that every time a country has done anything like this they're digging their hole deeper."

Jonathan Carmel is extremely bearish on Spain

Jonathan Carmel, founder and money manager at Carmel Asset Management LLC, gives "54 Reasons Spain is worse than you think."

Carmel runs $50M and was featured in a must read article in the Wall Street Journal recently. His 54 page presentation is required reading for anyone who cares about macro.One big reason for his bearishness is that Spain's housing bubble was much larger than the US housing bubble, but is yet to correct (he sees a 35% correction eventually). Further, the Spanish construction industry employed 1 in 7 people in the labor force (vs. 1 in 22 in the US)!

Some ways to short Spain include buying Spanish CDS, shorting Spanish 10y debt, or shorting Spanish banks.