The optimism surrounding the euro-zone bail-out of Spain’s banks, announced June 9, did not last long. After just a few hours, yields on Spanish bonds began to rise. The yields reached a point not seen since the euro was introduced, and, if sustained, would push Spain into insolvency. Investors are now unsure if the euro itself will survive. Some say this bail-out will not work because it does little to calm investors’ nervousness about the country, and nothing to support investor confidence in the single currency and Spain’s place within it. Some speculate country-by-country bail-outs are not the solution, but rather systemic reforms including some mutualisation of debts and a move toward a banking union with euro-wide oversight and responsibility for banks.