It is possible that the mere existence of the ECB safety net is enough to maintain investor confidence, but Spain has some internal challenges: Madrid has little control over its (more fiscally irresponsible) semi-autonomous regions, its banks are in major trouble and its labor market needs urgent reform.
Indeed, even the most ardent worshippers of big government would have trouble asserting that the Departments of Commerce, Energy and Labor add more to the economy than do Apple, Walmart, and Cisco Systems.