Spanish bailout!

The Economy Minister, Mr. De Guindos, said that it is only
an "emergency loan" (up to 125 USD billions) and it would be
established according to “very favorable” interest condition for
Spain, in fact for the banks that are actually the final borrowers
of this "astronomic" amount of money. "Differently" from Ireland
or Portugal (I don't even dare to say "Greece") this loan won't mean
to set any conditions on the future economical politics of our country...
and that is exactly the part of the Guindos' speech where I started
to feel a sharply cold on my spine. Is actually our Economy Minister
a cynic ? or worse, is he presuming that we the People are idiots ?
Who in the world will buy sovereign Spanish debt after being rescued ...
or put in another way: at what price would investors buy Spanish debt in the short term?
The Spanish Government is paying now a 7% or interest for the debt and
it is issuing near 80 USD Billions of obligations this year! So, the
question is: if the interest rate roared on Monday how long would the
Spanish economy resist before defaulting ? Why not having turned the debt
of those (30% of the entire banking system, Guindos said) ailing banks
into capital, without resorting to any rescue or the public tax-payers money?
Our Prime Minister (President of the Spanish Government) is leaving for Poland
tomorrow to see the Spain/Italy soccer match, apparently relieved after his
"very own" De Guindos had told him of having sorted the thing out, quickly and
efficiently , of course, with the uninterested help of his colleagues in the
Euro-group (i.e. the Sanhedrin of the European Economic Ministers)... Please, help!
how can we have such a bunch of incompetents as politicians.
Is this a reflect of the "Latin character"? or simply we live in the absurd kingdom of Juan Carlos I.