Arnab Das, the managing director of market research and strategy at Roubini Global Economics, told CNBC that Spain will eventually need a bailout because heavy private debt is increasing sovereign-debt levels.

Talking to CNBC’s “Worldwide Exchange,” Das said, “It is not yet in the sovereign, but that is where it is heading. That is why there is going to be a bailout sooner or later for Spain. All these plans about recapitalizing the banks with public debt, or taking care of the regions…The problem are people are starting to get to grip with the fact that there is too much debt in Spain.”

Spain’s fourth-largest bank, Bankia, requested a $24 billion bailout from the Spanish government on Friday.

Editor's Note: Sept. 18 Cover-Up Is a Final Turning for America

It is expected that the government will recapitalize the troubled bank using Spanish sovereign bonds which the lender can then use as collateral in order to tap European Central Bank funds.

Roubini said the Spain will remain vulnerable regardless of whether Greece exits the eurozone after its June 17 elections.

The capital injection could see Spain injecting its own government debt into Bankia, according to The Financial Times.

Meanwhile, Reuters reported that Spain will soon issue new bonds to fund its ailing banks and indebted regions despite borrowing costs nearing the unsustainable 7 percent level that forced other eurozone countries to seek international aid.

The move will further worsen public finances which are under scrutiny from investors and European officials concerned that Spain will fall victim to the regional debt crisis that led to bailouts in Greece, Portugal and Ireland, Reuters reported.

Spain's banks and regions are at the heart of its economic problems and economists say there is little hope of emerging from recession until they have been reinforced, Reuters reported.

Editor's Note: Sept. 18 Cover-Up Is a Final Turning for America