Instead the tests will probably assume slower growth as a result of bunged-up debt markets and get banks to recognise the market price of sovereign instruments in their trading books (but not in their larger loan books).
In particular, will the Senate Agriculture Committee which has initiated a General Accounting Office investigation into the matter, or Justice determine that he has breached the Farm Act's statutory prohibitions on the extension of taxpayer loan guarantees under the CCC program to other than creditworthy sovereign borrowers?
One potential pitfall of taking a rescue loan from the eurozone is that it would probably have the effect of subordinating Spain's existing sovereign debt.