There certainly is a lot of political pressure for states to adopt the new federal tax codes. But there is no law that requires them to do so.
On any measure, Spain's bank rescue has been a disaster. A hundred million euros have been added to the national debt, ten-year bonds are at a record high and the country's credit rating has been downgraded three notches.
I don't buy into any of that hogwash. They put that out to sell tickets. It's just a classic horror movie, with the Greek drama formula of good versus evil, and lots of fear.

