In a new one-pager C. J. Polychroniou illustrates how dire the situation in Euroland is becoming, running briefly through the outlooks for Greece, Portugal and Ireland, Italy and Spain, Belgium, France, and Germany. From his entry on Italy and Spain (emphasis mine):
Both nations are currently engulfed in debt flames (in spite of the fact that Spain does not have a public-finance crisis, as its debt-to GDP ratio is just slightly over 60 percent and lower than that of Germany and France, while Italy, at only 4.6 percent of GDP, runs one of the lowest budget deficits in the EU) and being administered the usual neoliberal medication (a sure way to worsen their condition!).
Read the rest here.