But Spain and Italy are in a much different situation than Greece or the other smaller "peripheral" Euro economies. Basically, Greece needs a bailout or must leave the Euro. Italy needs non-insane monetary policy:

http://krugman.blogs.nytimes.com/2011/08/07/a-self-fulfillin...

http://krugman.blogs.nytimes.com/2011/09/11/the-spanish-pris...