![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_eA95jVpTuAW_llEhuyLi6iP7bhL0D8VMy4LuPJYdzkV1X-DPZTKcUj3Q9OoNmtQTsFYgBBXG3EkdFiGuTk7UXNaWi5vvGxUlb3sGSDmIxsQHrCgtu9MAEW4CocyIIGtxl9gvP0cHsnpr/s280/piigs.jpg)
If the Greek debt crisis is a tough pickle to solve, it would be nothing compared to a crisis in Italy, which is falling hard after a warning on its debt from S&P.
This chart (via FT) confirms that bank exposure to Italy absolutely dwarfs exposure to Greece and even Spain.
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