Discussions about what's happening in Greece usually becomes white noise
This link is to a pretty well written and comprehendible explanation of the nitty-gritty of it all.
The article references to another article where I picked this...flowe...er...weed for Frenchie.
Italy can pull out of its tailspin, but it will need help from the ECB in the form of debt issued at lower than current market rates. But if you give it to Italy, must not you do the same for Spain and Portugal? And while their economies are markedly worse, their government debt-to-GDP ratios are nowhere near as bad. And don't even get me started about France, which becomes a crisis of biblical proportions by the middle of the decade. Let me note that France is not Greece. It actually is too big to save. France will make a difference when it enters its problem period. And the probable election of Hollande does nothing to alleviate any concerns. (Note: this will not prevent me from enjoying Paris in a few weeks, nor a hoped-for vacation in future years in the Loire Valley.)