Mañana works both ways. Spain has procrastinated over calling for a sovereign bailout. But investors are learning that the real meaning of mañana – especially with regard to the bank rescue Spain needs – is not so much tomorrow as some time in the future. How frustrating for Spain that full implementation of EU leaders’ agreement to create a single banking supervisor under the aegis of the European Central Bank – a key precondition of a direct bailout of Spanish banks – could take a year. For now, any amount Madrid borrows for the required €60-billion ($77.7-billion) capital injection will add to its sovereign debt pile. Still, last week’s agreement marks progress – even if Germany is resisting a decision on when the €500-billion European Stability Mechanism cash can be drawn down.