Spain will not have financing problems in 2012. With yesterday's debt sale, the Treasury has already covered 94% of the bonds it needs to issue this year. This means that although the risk premium could spike again, Spain in on track to sell all the debt it needs to make budget this year.
This is good news, mostly because it shows that there are parts of government that are working. At the beginning of the year the Treasury took advantage of the ECB's efforts to buy large amounts of sovereign debt from ailing European nations, which served to get them through some tough times. But tossing someone a coin isn't going to make them rich.
The problems continue, and without a recovery of some kind, Spain won't be able to make budget in 2013.
