Doom is coming. Take that to the bank. I would not worry about Spain just yet. Greece is literally weeks away from defaulting.

"Greece, a member of the EU and now infamous "PIIGS," simply can't seem to catch a break these days. Austerity measures have proven counterproductive and now last night's latest SEC filing is seen by many investors as a last ditch effort to stave off the inevitable.

Just yesterday, the 8th of March, the ratings agency everyone loves to hate- Moody's, downgraded Greek debt another 3 notches to B1 ("Junk grade", below investment grade) on fears the austerity measures currently in place simply aren't enough to bring spiraling Greek debt under control or to be able to meet EU/IMF bailout requirements in the future."

[link to fiatsfire.blogspot.com]

Yeah, things do not look good for Greece and Ireland is looking to throw in the towel on the EU. Not good for the EU, not good for the global economy at all. We should be very worried. So there is your doom for the day.