Spain's borrowing costs hit record highs this week and European stock markets have slumped over fears Madrid can't afford the price tag required to prop up its ailing banks. It's looking ever more likely the country will need some kind of bailout.
After watching Greece from afar for years, many Spaniards now believe Spain's number is up.
A tourist in Madrid might wonder where the crisis is. Traffic is heavy and the tapas bars are packed.
But listen in on some of the conversations, and it's clear that Spaniards are scared.