The financial pressure on Spain has ratcheted up further, with the interest rate on the country's key 10-year bond at levels that saw others needing a financial bailout.

The yield on the bond spiked 0.19 percentage points to 7.41 percent in early trading Monday. That's the highest rate since the euro was launched in 1999 and provides further evidence that investors are skeptical about the Spanish government's ability to get a handle on its debts.

If it continues rising, Spain may end up being locked out of international markets and be forced to seek a financial rescue, just like Greece, Ireland and Portugal.

Spain has pushed through several rounds of austerity measures and structural reforms in a desperate bid to convince investors.