Spain need not become the next Greece: but only if our financial leaders show they have learned the lessons of the recent past

Looking back over 2012, it was clear where it had all started to go wrong for the eurozone. Markets had rallied strongly in the first two months of the year following the decision by the European Central Bank in late 2011 to provide cheap three-year loans to commercial banks starved of credit. Interest rates on the bonds of the weaker members of monetary union tumbled, raising hope that Europe was emerging from its debt nightmare.