TAMBIÉN EN EL WSJ de hoy, una visión agridulce del futuro de España. El país muestra algún signo de fuerza, dice, pero aún puede acabar como el rosario de la aurora.

Despite the cheer, the future is hazy for Spain, which is the crisis's next potential flash point. There is a broad consensus among investors that Spain will need to ask for aid next year, because it simply has too much debt to sell and not enough willing buyers. Betting on Spanish bonds is, in effect, betting that the future rescue will go smoothly and that Spain can generate growth to pay off what it owes.

Neither is a foregone conclusion. The outlines of a rescue plan involve Spain's petitioning the euro zone's bailout fund to buy some of its bonds, and relying on the ECB to step into the market and buy more. Both of those steps are untested. And Spain's economy is contracting.

Ultimately, the question for Spain is whether it can regain the confidence of large foreign investors, many of whom have been shedding Spanish bonds for two years or more.