From Pragmatic Capitalism:

The European debt crisis continues to cause turmoil in the European economy and great uncertainty for the global economy. Investors are beginning to wonder if we're on the verge of a Lehman 2.0-type event. Of course, if we're due for a Lehman, we have to first serve up our Bear Stearns, right? And that's exactly the fear here.

The fear is not necessarily that Greece will default, but that Greece will lay the foundation for even larger defaults. And that's where Spain comes in. Spain, in my opinion, would pose a bailout so large that...

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More on Spain:

"Dr. Doom" Roubini: The next euro nation is falling into crisis

Nobel-winning economist: This single country could end the euro

Forget Greece and Ireland... one of the most important eurozone countries just took a turn for the worse