Hubris is a Greek word. It should resonate in Spain, which is learning what it feels like to be Greece. When the eurozone sovereign debt crisis began, ministers in Madrid proudly affirmed that Spain was not Greece. Yet, in its first six months, Mariano Rajoy's government has had to pull out all the stops to avoid asking for a Greek-style sovereign bailout. It is not winning. Austerity measures imposed on a frail economy are too pro-cyclical, and the EU's relaxation of Spain's deficit target to 6.3 per cent of output this year brings little relief. Yet, seemingly the stronger Madrid's policy responses to Brussels' commands, the greater the disconnect with investors. The yield on Spain's 10-year bond remains around 7 per cent, and the spread over Bunds is at an all-time high.