Trouble in the Spanish CDS market

"Los inversores piden mayor prima por asegurar el riesgo de España a un año que a tres años."

In other words, Spain is riskier in the next year than it is three years from now, just like Greece and Portugal.  That means the market thinks things will be coming to a head.  Some very good pictures of the prices, and further commentary (in Spanish), is here.  The article also states:

En cualquier caso, este indicador significa que el mercado, ahora sí, nos sitúa en el mismo “subgrupo” que Grecia y Portugal.

I don't need to translate that one for you.

For the pointer I thank Abel.