Apart from the great opening line 'this is the way the euro ends — not with a bang but with bunga bunga', the really interesting point is this:
"Spain and Italy in effect reduced themselves to the status of third-world countries that have to borrow in someone else’s currency, with all the loss of flexibility that implies. "
I've long believed that Europe was the main reason Italy had not ended up like Argentina. Maybe I was over-optimistic.
