PM'S FIGHT: Spain's Prime Minister Mariano Rajoy is fighting to prevent his country from becoming the next — and biggest — victim of the economic crisis to ask for a full-blown government bailout in Europe.

COSTLY FUNDS: Spain's reserves could easily be drained when it faces redemptions of almost €40 billion through the end of this year. Due to the high interest rates being demanded by investors, replenishing funds will be costly.

NOT A PRETTY PICTURE: The road ahead is daunting. The IMF calculates Spain's gross financing needs through 2014 at €360 billion ($443 billion).