Spain and Greece are in the same boat but for opposite reasons. Greece borrowed up their eyeballs and the debt is now threatening the government and the whole banking system. Banks lent to the govt and a govt default would collapse the banks and the economy with them.
In Spain their debt level is among the lowest of major countries in the EU. The banks are holding massive amounts of bad debt after their real estate bubble collapsed. The govt must backstop the banks, which rapidly increases govt debt. So now Spain needs a bailout.