The markets are turning on Spain with a vengeance. Surely it cannot be long before Italy, and even France, become the next targets, and after that the euro itself.
The net effect of European policymakers' efforts over the past month or so - when they were supposed to be saving the euro zone yet again - has been to line up a row of ducks for the international money men to take shots at, one after the other.
Soon they will be running out of ducks.
This is the season when euro-zone ministers and officials slope off to the pools, beaches, yachts and Michelin-starred restaurants of the continent's playground resorts.
The irony is that while the German austerity mongers are lounging on their sunbeds on Spain's Costa del Sol, or in that beautiful Tuscan villa, they will be simultaneously deciding the fate of their hosts' economies.
Spain is on everyone's mind. Just a few weeks ago, the Spanish problem was apparently "fixed" at a summit meeting in Brussels that agreed the terms of a minimum €100 billion (Dh444.67bn) bailout for the country's creaking banking system, and the creation of a banking union among euro-zone members designed to ensure such a situation never happened again.
Market behaviour throughout this crisis has been entirely predictable. "Shares surge on new Spanish hopes" is the inevitable headline after one of these euro fixes, to be replaced by "Fresh doubts loom on Spanish deal" a few days later and then, as we saw yesterday, "Investor fears rise over Spain".
It's a cat-and-mouse game being played out by the feline financial markets on the one hand and the terrified policymakers on the other. In the current euro structure, there can be only one winner.
The international capital markets are almost shut for Spain. Short-term borrowing, which the country needs to tide it over on a day-to-day basis, is prohibitively expensive, with yields on two-year bonds rising to 6.75 per cent. Longer term, the mood is even more pessimistic. Spanish 10-year bonds carry a yield of 7.56 per cent. The markets are pricing Spain out of the global financial system. At current levels, the country is regarded as a worse bet in financial terms than bust Ireland, chaotic Egypt or moribund Hungary.
Spain's global ratings were not improved by two bits of domestic news: the contraction in the economy worsened in the second quarter of the year, while regional governments are close to running out of cash altogether for the daily business of keeping essential services going. This is what happened in Greece a year ago, but writ much larger.
After Spain comes Italy, and this is where the true crunch looms for euro-zone policymakers. Italian bond yields have been creeping up over the past fortnight, still a little way off Spain but the differential is narrowing all the time.
The European Union's various support funds, having doled out to Greece, Ireland, Portugal and now Spain, are close to exhausted.
If Italy comes knocking in a few weeks' time, there might be nothing left. Italy would be simply "too big to bail", in the current catchphrase, and would have to look elsewhere, with the IMF the only real option.
"Spain is not Greece", was the confident declaration from Madrid a few months ago; soon we will hear "Italy is not Spain" coming from Rome; and how long before "France is not Italy" from Paris?
Meanwhile, back in the country where it all began, Greece, the mood of relief after the election of a pro-austerity government last month has given way to the sober reality of financial deadlines.
The Greeks have to meet a €3.2bn bond repayment next month, but it has already used up most of the EU's bailout cash keeping its banks above water.
If it misses that payment, the odds will shorten considerably that Greece will find itself outside the euro zone before the end of the year. That is the tripwire that threatens to wreck the entire euro project.
Although Greece has been a basket case for many months, its departure from the euro zone would be a psychologically crucial precedent.