I would tend to agree...
Spain is in deep economic doodie as much as any country (sans greece) in europe at this point...and i just don't see any company or agency coming up with the amount of cash that Disney undoubtedly wants to build this sucker. it's not the right economic climate for this type of thing...nor will it be anytime in the foreseeable future (you heard it here first...we are in for a fundamental period of economic revision/ reorganization...but that's my theory

)
Obvioulsy...there some kinda big hurdles with the agreements on country pavilions at EPCOT....whether it be up front money, operations costs, staffing from disney's perspective...etc.
If it was simply a matter of finding somebody willing to say yes and shell out a little cash...we would have had at least a few pavilions built in the last 20 years. Not that the world hasn't changed since the roaring 80's...but extended (partially faux) economic goodtimes in the mid to late 90's and the (completely faux) ones in the first decade of the 21th century would have gotten at least a couple more up and running.
So i don't see spain...though that and perhaps Brazil would be my frontrunners if i had to guess on something actually underway (which i don't think they're anywhere close too)
But I tell you one thing: Don't expect Israel, Saudi Arabia, or Russia anytime soon