Walter Russell Mead: "While Italy may not be too big to fail, it is too big to bail out; the IMF and the EFSF can’t handle the consequences of an Italian collapse. An Italian failure would force both Germany and France into massive bailouts of their domestic banking systems, destroy France’s credit rating and generally wreak unspeakable havoc on the increasingly fragile underpinnings of both the single currency and the European economy." Read it all
