rrowing (% of total) 90% 80% 70% 60% SO% 40% 30% 20% 10% 0% 1996 1999 2000 2001 WV 2003 2004 2006 2006 2007 2006 2009 —Spanish Reskients —Foreigners It is likely that foreign buyers will be fickle and could switch their holdings of Spanish debt into what they perceive to be safer as