That may be an ASEAN or Asian monetary facility -- not a fund, but a facility from which the countries in most distress can draw some help.

CNN: 'We Remain Confident'

Countries can escape from the tyranny of the markets by turning to official lenders: other countries, the International Monetary Fund or the European Financial Stability Facility.

ECONOMIST: Market discipline works when other controls fail

And if the price is unbearably large, would it make sense for Spain to request a bailout from the International Monetary Fund or the eurozone's European Financial Stability Facility (EFSF) or both?

BBC: Will Spain suffer an Irish bust?

One thing not to count on is the existing European Financial Stability Facility, and coming European Stability Mechanism and International Monetary Fund aid to be sufficient to rescue Spain and still have enough firepower to deal with Italy if needed.

FORBES: Citi Rings Warning Bell On Spanish Debt

You'll remember, that agreement said the emergency bailout facility, the EFSF, would henceforth play the role of "European Monetary Fund", able to intervene in markets to keep borrowing costs for solvent governments under control.

BBC: Central banks and the 'spirit of 2008'

Spain's government has insisted it will not need to apply for a bail-out from the European Financial Stability Facility (EFSF) - a rescue scheme backed by the EU and International Monetary Fund (IMF).

BBC: Spain credit rating downgrade threatened by Moody's

The development of the Term Deposit Facility is an issue of prudent planning and should have implications for the near-term conduct of monetary policy.

FORBES: No To "Twist" But A Little "Bump" & "Hustle"