Well events in Greece are being closely watched across Europe, no more so than in Spain. The Eurozone’s fourth largest economy is still emerging from its own financial crisis. But there are other parallels between the two countries.
On the surface, the good times in Spain appear to be back. But with an unemployment rate of 22.5 percent – worse only to Greece in the Eurozone, - this is a country still showing the scars of a double dip recession. And there are concerns that the fallout from the Greece crisis could harm Spain’s fragile recovery.
"There will be contagion for countries like Portugal, then Spain and then eventually Italy. It’s not good news. It is not a good thing when your recovery and the economy is fragile. When it is growing but it is just recovering from a long recession. All of these shocks and all this instability does not help in fact it acts as brakes to growth and consolidation in this recovery," Professor Javier Diaz-Gimenez with IESE Business School said.
That fear is shared by stall holders at Madrid’s Mercado de la Cebada market. Many of the shops closed during the crisis. The vendors of those that survived remain skeptical about the future… and are watching the Greek crisis closely.
"Of course people are worried. Everyone see’s what is happening in Greece and across Southern Europe. The economy is fragile. Despite what the Government has done."
Whether there's a further parallel between Greece and Spain, the rise of a left wing, anti austerity political party.
The Podemos party has made substantial gains in Spain over the last two years.
If they were to win power in the upcoming General Election, they too are promising to restructure Spain’s debt of 1.16 trillion dollars.
"There were solution or the events in Greece will play an important role because if Greece is successful in its attempts to restructure its debt, not only Spain but Portugal and Italy and even Belgium, they would reasonably ask for debt plans. Greece could end up being the catalyst that will decide debt neutralization, when and how," Professor Javier Diaz-Gimenez said.
There are some in Spain who take pride that the country has emerged from the financial crisis without the drama of the Greek tragedy.
But there are others here who fear that day is still to come.