Spain has to ask for aid before the ECB will buy bonds. That may be a formality, but politically, would you want to be the PM to go the EU hat in hand.
If I were PM Rajoy, I would tell Italy’s Monti that “I’ll only ask for aid if you ask for aid. “. Otherwise, Italy’s bond market will be a free-rider on the back of Spain without the imposed conditionality associated with asking for aid.
This is far from a done deal, kids.