The question of whether Spain could cope without a major cash injection from the European Central Bank has proved a hugely divisive issue at the Citywire Fund Selector Forum in Madrid.
In response to a question over how crucial a bailout is for the future of the Spanish nation, 40% of fund selectors said there was no way the country could continue without seeking outside aid.
This was narrowly edged out by the view of 47% of delegates that Spain does not need to go cap in hand to Mario Draghi, but with the caveat that the crisis will continue to drag on.
In the minority, 13% of investors at the conference said the current measures being undertaken by Prime Minister Mariano Rajoy are enough to steer Spain out of trouble.
Inflation expectations also varied widely, with 50% of fund selectors stating current inflation protection is too expensive compared to 39% who believe it is fair value. This left 11% of the room who view it as currently too cheap.
Following on from the emphatic support for equities shown by fund selectors in Gstaad last month, Spanish selectors stated it was a prime time to enter the market.
In response to a question on their current equity stance, 62% said it was time to be brave and buy. This compares to 38% who said only fools would rush in at this stage.
When quizzed on which equity sector they expect to outperform, emerging markets (34%) was marginally more favoured than Europe (32%).
Japanese equities also received a modicum of support from investors with 11% of respondents positive on this market. This was while the US, which has proven popular at previous events, garnered just 10% of the vote.
Selectors were also asked for their views on the fixed income sector they expect to outperform in the coming year.
This provoked a wide array of responses with high yield (27%) being named the most favoured sector ahead of convertibles (24%), EMD (22%) and investment grade corporates (22%).