If the Euro crashes? What exactly do you mean by Euro crashing?
TEF generates the majority of it's income outside of Spain, Eastern Europe and Latin American making up about 70% of gross.
Europe is already in a recession, no question, but does that mean that TEF is going to fail because the eurozone is having problems? During 2008 did people outside of the US look at T and wonder what would happen to thier buisness if a credit crises occurred?