s. Simply put, Spain is dependent on the kindness of strangers. The following chart shows the total stock of bonds (this does not include short term Letras del Tesoro). Spanish Government Borrowing (% of total) 90% 80% 70% 60% SO% 40% 30% 20% 10% 0% 1996 1999 2000 2001 WV 2003 2004 2006 2006 20