MADRID - Spain is breathing a little easier ever since the European Central Bank said it would buy unlimited amounts of government bonds to help countries like it that are being strangled by their debts. After the ECB pledged two weeks ago to rescue countries that seek the bank's help, Spanish borrowing costs have fallen sharply — a sign that investors are more confident the government can pay its bills. Yet Spain, Europe's fourth-largest economy, isn't out of the danger zone. How its leaders interpret and respond to the recent calm in financial markets matters. Prime Minister Mariano Rajoy said last week that Spain may not need outside help now that the interest rates on its bonds...
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