The same duty would fall on big international Italian companies in Italy, or Spanish ones in Spain, and so on.

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There is Black forest, French bistro, Spanish Serrano, maple cured, and so on and so on.

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And whether they will be able to raise all of that from commercial investors and Spanish taxpayers is moot, so there may be a further call on the EFSF.

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The advantage of using the ESM is that "instead of the Spanish state going to the market and paying 7% on its debt, so that it can then pump money into the banks, the ESM could borrow at 3% or so, " Barbieri says.

CNN: The pain in Spain that threatens the eurozone

Moreover, the Eurogroup pushed the Cypriot Parliament meeting to happen on Sunday, so that they would minimize the reaction from Spanish, Portugal and Italian depositors, however the damage was already dealt.

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The Spanish and Italian economies are two of the more significant economies in the Eurozone, and so the pressure is on for the Euro countries to act big and act soon.

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