Superman: Easy, Miss. I've got you.
Lois Lane: You -- you've got me? Who's got you?
-- Superman, 1978
Beautiful design, no? Actually, no, because this puts Spanish sovereign debt at even greater risk of further downgrade, which in turn would require more buying by Spanish banks and put EFSF's credit under further stress. The amplitude of a positive feedback loop, thus potential chain reaction, has just been racheted up.
Notice how Spain's GDP is smoother than both EA-17 and EU-27, which is hard to make sense of. I continue to suspect that, someday, somebody with the resources will tear apart Spanish official GDP data and expose a much bigger (at least in terms of impact) fraud than Greece's in 2009.