The Spanish wine is cold and pliant (7)
I believe the answer is:
elastic
'pliant' is the definition.
(similar in meaning)
'the spanish wine is cold' is the wordplay.
'the spanish' becomes 'el' ('the' in Spanish).
'wine' becomes 'asti' (Italian wine).
'is cold' becomes 'c' (eg on taps).
'el'+'asti'+'c'='ELASTIC'
'and' is the link.
(Other definitions for elastic that I've seen before include "Material for bands" , "Variable" , "Narrow strip of rubber" , "Ductile" , "Like a small band" .)