Spain's borrowing costs hit record highs this week and European stock markets have slumped over fears Madrid can't afford the price tag required to prop up its ailing banks. It's looking ever more likely the country will need some kind of bailout.
After watching Greece from afar for years, many Spaniards now believe Spain's number is up.
A tourist in Madrid might wonder where the crisis is. Traffic is heavy and the tapas bars are packed.
But listen in on some of the conversations, and it's clear that Spaniards are scared.
Spain's third largest lender, Bankia, is getting a $24 billion lifeline from the Spanish government. The move is a part of Madrid's effort to return some stability to the country's struggling financial sector.
One of the ways Spaniards console themselves amid their failing economy is with their beloved sport of soccer. If you can't afford tickets to a game, it's always on TV in your local bar.
"For an escape from work, economic problems — just enjoy it and support your team," says soccer fan Ivan Rassuli, who's having a beer as he watches a match at a bar. "Everybody likes football. Maybe like the NBA or baseball in the United States."
But futbol, as Spaniards call soccer, has followed the same sorry trajectory as Spain's economy.