Sovereign Defaults of the Past Ain't Got Nothing on the PIIGS

Don't worry, Greece, Portugal, and Ireland are just specks compared to large European countries like Italy, France, and Germany.

Just make sure you don't compare them to prior sovereign defaults. Or come to the realization that any one of those specks defaulting have large consequences on the rest of the EU members, such as no longer being part of the bailing-out group and joining the being-bailed-out group. Oh wait, that's already the case. Once they get bailouts, they are on the receiving side and their commitments to the bailing-out group disappear and their Italian, French, and German friends get to pay a larger portion. I can't see anything that could possibly go wrong with that.

Source: http://p.twimg.com/AiZgN2qCQAA66aK.jpg:large
Source: Barclays Capital
Source: Things that Make You Go Hmm... (June 10, 2012)