Italian and Spanish are more similar phonetically, because both languages were more romanized than French and Portuguese. Phonetically Portuguese is closer to Catalan or to French while the phonetic of Spanish is much closer, almost to an identical manner, to Italian. read more
I include in the list not only the mainstream Latin languages: Spanish, Portuguese, French, Italian and Romanian, but also the many languages that did not became the official language of a nation: Catalan, Provencal, Sardinian, Corsican, Ladino, Friulan, Sicilian, and many others. read more