According to Jan Lambregts of Rabobank, the make or break moment for the eurozone will come if Italy defaults.
Even though there are fresh concerns now over Greece, Italy and Spain, these problems had never really gone away, says Robert Parker, vice chairman, Credit Suisse AMC.
Euro zone finance ministers are expected to approve an agreement on Friday to lend up to 100 billion euros to Spain so it can recapitalise its banks.
The head of the International Monetary Fund said on Thursday the global lender had not received a request for financial support from Spain and described her meeting with Spain's Deputy Prime Minister Soraya Saenz de Santamaria as 'very productive.