http://yanisvaroufakis.eu/2011/08/04/why-italy-why-spain-and-why-the-efsfs-size-does-not-matter/
There is also a great argument attached to it. Yanis has really outdone himself here. It's the whole Eurocrisis in one elegant chart. But you've got to see the chart to properly follow the argument, so I'm not posting it separately.
Michael