Fears have also been raised over the country's banking system with analysts pointing to an alarming outflow in retail deposits this year.
About half the 2012 funding requirements of Spanish banks are planned to be met through deposits.
Analysts at Barclays Capital argue this means the country's banks will need to see 4pc growth in deposits, but so far in 2011 there has been 2pc shrinkage.
Weighing on the banks further is the prospect of property write-downs.
French broker Cheuvreux estimates that 50pc of Spanish construction companies have either already defaulted on their loans or are likely to do so.
Speculation is growing that much of the land held on the books of Spanish banks will have to be marked down significantly before year-end.