It is correct that a lack of regulation failed to keep limits on credit, but it was the Federal Reserve's artificially low interest rates that blew the credit bubble.

ECONOMIST: A mighty crash

Rather, it was a clever move to make the GOP look like they were raising taxes on workers to keep taxes low on the rich.

FORBES: A Two-Month Payroll Tax Cut Is Dumb, And So Is How Congress Got There

Indeed, many analysts now say Spain could manage to sidestep a programme altogether, as the possibility of ECB intervention continues to keep Madrid's borrowing costs low for long enough for it to cut the budget deficit and get the economy back on track.

CNN: Spain escapes aid but doubts remain