In the meantime, the funding gap for Spain's autonomous regions continues to tick like a timebomb.

CNN: First relief in Spain...then reflection

The State Grid Corporation of China covers 25 provinces, municipalities and autonomous regions, while the China Southern Power Grid Co.

FORBES: Cracking China's Power Sector

The bill hands the regions new powers over health, education and even policing, similar to those of some of Spain's autonomous regions.

ECONOMIST: Italian government

The 2011 budget deficit was 8.5% of GDP, not the goal of 6%, in large part because of overspending by Spain's autonomous regions.

ECONOMIST: Return of the euro crisis

But some of Spain's 17 autonomous regions are considering similar measures.

WSJ: Spain Region Upsets Asset-Sale Plan

Bosnia was split into two autonomous regions - joined by a relatively weak central government - under a US-brokered peace deal that ended the 1992-95 war.

BBC: Zivko Budimir arrested in Sarajevo. 26 April 2013

It is possible that the mere existence of the ECB safety net is enough to maintain investor confidence, but Spain has some internal challenges: Madrid has little control over its (more fiscally irresponsible) semi-autonomous regions, its banks are in major trouble and its labor market needs urgent reform.

FORBES: What To Expect From The Eurozone In 2013

They reportedly seized weapons and vehicles as well as troops from the paramilitary police, who provide security in Pakistan's semi-autonomous tribal regions.

BBC: Pakistani troops in tribal regions, file pic

After the 14 non-Russian republics of the old Soviet Union went their ways, Russia was left with more than a score of autonomous ethnically named regions and republics.

ECONOMIST: Devolution can be salvation