SPAIN may be too big to fall, but worries grow:

Many global bond fund managers have so far hung onto their holdings of Spanish debt, hoping that the world's 12th-largest economy will escape the trauma of some of its neighbors. But questions over politics and hidden debt lead some to fear that the worst is yet to come in the euro zone.

The risks; another downturn in the Spanish housing market which could destabilize the whole banking system; social revolt that could hinder the government's austerity plans; and a possible restructuring of Greece's debt, which would hurt Spain's.