Then there will no doubt be EU austerity measures to comply with, same as happened with Greece, the list goes on and on.
That's by far the scariest part of this. If EU support isn't going to be a shared debt, the EU will cripple Spain for decades. As you say, a la Greece. Maybe they have learnt from the mistakes they made with Greece, but I doubt it. I love many European countries, Spain mostly (I plan to relocate there soon) but I'm no fan of the EU, but that's for another thread!