You only have to renounce your Israeli citizenship. Spain has dual-nationality agreements with many countries, but the proud and moral Spanish people simply cannot accept such a relationship with an Apartheid regime like White South Africa or Jewish Israel. If you have ever served in the Tsahal, you'll have a fair trial for war crimes -- you have nothing to fear unless there's blood on your hands. Sounds like a good deal to me...
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Security cabinet to convene Friday morning to discuss Gaza escalation (Haaretz)
from the article: Fear is driving Israelis to obtain foreign passports