Investopedia: Telefonica Still Has To Muddle Through The Mess In Spain

The ongoing slow-motion train wreck that is Spain has dragged down plenty of otherwise companies, and Telefonica (NYSE:TEF) definitely belongs on the list. Although Telefonica's health isn't tied to the solvency of Spain as much as other major banks such as Santander (NYSE:SAN) or BBVA (NYSE:BBVA), the state of the economy there still does make a big difference. With hefty debt and a global decline in the returns of wireless as an industry, Telefonica has its challenges. Although the company's debt load is a roadblock to significant value for the shares today, I wouldn't completely count out this company (or its shares).

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