Depends on what you mean by “falls”. In my mind, “falling” would mean that Spain could no longer borrow money to fund its deficit spending, which would mean its welfare state would implode. Now that the ECB is violating the treaties by printing money, that could take a while. Both Spain and Italy have been on the edge for a while, and the chart shows youth unemployment in Italy at 43%. As for the Eurozone, a bankrupt Spain could be the end of the Euro, and if Italy and Spain were to lose the ability to borrow, that would almost certainly be the end of the Euro. That, in turn, would at least reduce the power of the bureaucracy in Brussels.