Bad economic news in southern Europe may be about to take an even more dramatic turn. The New York Times is reporting that many Spaniards are beginning to pull their money out of Spanish banks, moving their savings to safer banks in Germany and England. Media coverage is predicting a “bank run”, a bad sign considering that such fears can quickly become self-fulfilling prophecies. With the Spanish deposit insurance fund nearing bankruptcy, banks will go under without outside help, and a Spanish collapse would be far more damaging than a Greek collapse.Spain’s problems are the clearest indictment yet of Europe’s approach to the crisis. At each stage of trouble, Europe has fudged rather than make swift, painful decisions. Meanwhile, the stakes grow, the costs grow, and the chances for workable compromise recede.How much more of this can Europe take?