PIIGS may yet fly, but not while they're trapped in this rickety eurozone

Telegraph
"Two of the eurozone's economic problems are dangerously inter-related. The first is enormous levels of government debt – about 120pc of GDP for Greece and Italy. The second is the loss of competitiveness of the eurozone's southern members, which also, generally speaking, are the ones with high budget deficits and/or ratios of government debt to GDP. "