It’s impossible to know what would have been the consequences, had something not been done. It’s almost impossible to know what the consequences will be of that something that has been done. Future cannot be predicted. It’s obivious, but worth stating all the time.
Anyway, given the volatility in the markets where fear seems to find a febrile breeding ground, future historians may judge today’s vote by the Spanish Congress to pass the austerity measures by a single vote (169 for, 168 against, 13 abstentions) as one of the moments that saved the world from plunging into further turmoil. Or merely prolonged the inevitable by some time. Or it was utterly irrelevant, worthy of a mention buried deep in a footnote. No one can say.
The Spanish government will still have tough times ahead, and really, who knows what’s going to happen tomorrow, or the day after tomorrow?