Spain is the focus of the latest Eurozone worries, as it becomes clear just how daunting a challenge the government there faces, in cutting its deficit and imposing austerity.

Cristina Manzano of Fride, a think tank specialising in European affairs, said that the government still has large support from voters.

"There are still many people in Spain who think we need those reforms through tax and adjustments of inconsistencies over the last years," she said.

She said that "when you establish a labour reform... many people want to go to the street," but she added that the unrest in Spain is low in relation to the country's problems such as unemployment.

Professor Santiago Carbó Valverde, economist at the University of Granada, said that "all the adjustment policies will enhance the contraction of the economy".

Therefore being disciplined in fiscal terms "will have downward pressures on the economy," he explained.

"We need a policy for growth that can compensate for the cuts but the Europeans do not have a growth strategy that can help".

Professor Carbó Valverde acknowledged that austerity measures "is not a kind of panacea... in the long run, you may make things worse unless you make structural reforms to clean up your economy... this type of measures do not last for long."

Cristina Manzano said that most people do not believe that Spain will need a bailout.

"And if so the whole Eurozone will be danger... we won't reach that point," she said.

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