High Interest Charges Guarantee the Need for a Bailout

At MarketWatch today there's an article entitled 'Spain up against a wall as borrowing costs soar'.


Of course, it's logical, that if an entity in financial trouble is charged higher and higher costs for its existing borrowings something will have to give.  A catastrophe is predictable!


The obvious solution is have a fair procedure for bankruptcy for all nations who are insolvent.  Such procedures exist for corporations, why not for nations?  What form should national bankruptcy take?  


Moreover, how much responsibility should individual countries take for the effects of a great pool of (out of control) global funds that cause speculative bubbles in every nation they invade?