Many Spaniards fear tighter financial controls when the euro replaces the peseta as the currency here.

CNN: Black money: Spain's 'euro effect'

It has no currency of its own and has traditionally used the franc and the peseta.

BBC: Mini-states gear up for euro

The Irish punt, the Portuguese escudo and the Spanish peseta were all devalued.

ECONOMIST: EURO BRIEF: Eleven into one may go | The

D-mark against the lira, the peseta, the Portuguese escudo and the Swedish krona.

ECONOMIST: Can EMU be left to stew?

Mr Aznar is also proud of bringing the peseta into Europe's single currency at its outset, in defiance of many doubters at home and abroad.

ECONOMIST: Spain

The only other option would be to return to the peseta.

BBC: Spain budget: Corruption, apathy and anger

This solution of last resort would allow member countries such as Greece or Spain to introduce a new local currency the new drachma or the new peseta, for instance.

FORBES: To Save the Euro, Establish Dual Currencies

Quickly, the new peseta loses value against the euro.

CNN: How the euro crisis will affect you