By PAUL KRUGMAN Published: October 23, 2011 ...at this point, Greece, where the crisis began, is no more than a grim sideshow. The clear and present danger comes instead from a sort of bank run on Italy, the euro area’s third-largest economy. Investors, fearing a possible default, are demanding high interest rates on Italian debt. And these high interest rates, by raising the burden of debt service, make default more likely.
Azam, Balibar mf l i le monde 13.1.2012, KU 24.1. original: http://www.lemonde.fr/idees/article/2012/01/13/contre-le-discours-dominant-sur-la-dette-publique_1629374_3232.html