The mood of investors against Spain continued exacerbating as the situation worsened significantly.

Last Friday, when European Union leaders finally approved, though with some provisos, the Spanish bank bailout amounting to 100 billion euros, negative omens against the Iberian country took place again.

The Madrid IBEX index fell 5.8%, the rate of return of 10-year Spanish bond jumped over 7% and the country risk exceeded 600 basis points, reaching a new record.

Clearly, markets and analysts are losing patience with Spain, the European Union and the future of the euro as common currency.

Are you an "average" investor or you are in a position to take risks to multiply your money?

Telefonica stock, is an alternative?

If you consider you are in the second part of the question asked above, maybe it's time you start paying attention to the largest telecommunications company in Spain and with strong influence in Latin America.

Telefónica (NYSE: TEF) stock has plunged 8.5% last Friday, but this is part of a declining process that began May 2011, at which time the stock accrues a fall of 58.3%.

Telefonica ADR went from $27 to current $11.24. During this period, Telefónica lost $70 million market capitalization, from $120.6 billion to U.S. $50.3 billion at present.

The question to ask is whether this is consistent with economic fundamentals of the company.

Looking at its revenue diversification would seem not. Latin America now represents almost 50% of total sales revenues of the firm. In terms of operating results, Latin America today contributes with 52.1% of the total, while absorbing 53% of total investments.

Although the rate of business expansion in this region has slowed in the last quarter as a result of the global crisis, Latin America has gained relative share agiants its European markets (Spain and Britain).

In a sense, half of the structure of Telefónica's business is hedged, not just of the Spanish crisis but to the European crisis as well.

With a price-earnings ratio (P / E) of 9.1 x and a dividend yield that is about 12%, Telefónica of Spain is presented as one of the high-risk opportunities in the Spanish market.

What are the threats to consider?

• Hard deepen in spanish crisis and the negative impact on the continuity of the European Union
• Sharp slowdown in growth in Latin America
• Change of legal rules in this region, measuring the maximum end expropriatory

For lovers of risk, include in your radar Telefónica stock and be attentive to the presentation of its balance sheet on 26 July.