The FT notes:

Spain was forced to pay big premiums to sell new debt as investors warned the country’s cost of borrowing had risen to unsustainable levels amid a deepening of the eurozone debt crisis, the FT reports.

Ireland was mere chicken feed compared to this risk.

If Spain is in trouble then the game changes. The approach has to change in that case. Sticking plasters won’t work with an economy that size. Iceland, Greece and Ireland are all sores. This will be an open wound.