No, not Italy, and certainly not Spain. Egypt.
From UBS Financial markets
Geo-Politics Still Ignored - Veteran traders have wondered for weeks about the markets whistling past a variety of geopolitical challenges. Yes! Yes! I know about Spain and Italy but they are potential financial crises not truly political ones.
A good example is the deteriorating situation in Egypt. The Muslin Brotherhood went back on it initial promise and backed a candidate for president. That raised the likelihood of a religious government and possible rule by Sharia law.
The ruling generals appeared to counter by encouraging a second Sharia candidate to possibly split that vote. Then they entered a law and order secular candidate to block a shift to religious government.
The courts (thought to be influenced by the generals) ruled several candidates eligible (to enable that strategy). Meanwhile, an election commission threw a wrench in the whole thing by disqualifying ten candidates.
As the political outlook disintegrates, the country is running short of both food stuffs and currency reserves. The world’s most populous Arab nation (and Israel’s next door neighbor) looks less stable each day.
And then there’s Iran.
But didn't America encourage this particular chain of events? After all, doesn't America know what is best for all?