Spain's borrowing costs hit record highs this week and European stock markets have slumped over fears Madrid can't afford the price tag required to prop up its ailing banks. It's looking ever more likely the country will need some kind of bailout.
After watching Greece from afar for years, many Spaniards now believe Spain's number is up.
A tourist in Madrid might wonder where the crisis is. Traffic is heavy and the tapas bars are packed.
But listen in on some of the conversations, and it's clear that Spaniards are scared.
The school year's winding down, meaning teenagers around the country will soon be trying to pull in some extra cash scooping ice cream or manning those kiosks at the mall.
But with the job market still weak, teens are facing stiff competition landing summer jobs. And while the downturn has hit young job seekers particularly hard, it's not just the lingering effects of the Great Recession working against them: the drop-off in teen summer hiring actually began long before 2007.
If nothing else, New York City Mayor Michael Bloomberg has apparently done President Obama a favor.
His Honor's proposed ban on the sale of supersized sugary fountain drinks in his city made the mayor, at least for some, the epitome of Big Government excess, a place many critics, particularly conservatives, typically reserve for the Obama.