Spain and Greece

Now the Spaniards are .getting serious. Seriously worried. The WSJ noted in the Saturday edition that the government of Spain is sending billions of Euros to the Bankia bank to shore up its balances and to instill confidence. This might instill fear. Concerns are growing across souther Europe that a bank run on deposits could sink the financial system of the 17 Euro linked countries.
Of course, President Obama and his financial/economic advisors have their collective fingers on the pulse of Europe, and not just the Euro bloc. Any further slippage into deeper recession(double dip) will affect the US' anemic growth rate(barely breathing in 2012).
Despite the official end of our recession in 2009, the sluggish growth barely indicates confidence or optimism. With the election of 2012 months away, Obama has to promote his record as more than a caretaker government, but one of masterfully rescuing the country from Europe's fate. Can he do this? All eyes are on Greece: new elections will occur in a few weeks. The fate of the Euro is hanging in the balance. If, and a big "IF" it is, Greek voters decide to unhinge themselves from EU austerity prescriptions already agreed to, then an exit will surely follow, and with it, using the Greek-chaos. What would follow would be far worse than any austerity measures: hyperinflation, increased unemployment, and certainly a collapse in the government, and perhaps the structure of democratic government itself.
Time is getting short, as everybody involved recognizes. Leadership is needed, and leadership is lacking, not just in Greece, but across Europe. The bankers have themselves to blame as they have ignored warning signs for years, letting the good times roll. Spain is the focus, but Greece is the problem.