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"The euro zone's debt crisis has taken a dangerous turn. Contagion is singeing the currency bloc's third biggest economy Italy, which would be too big to save with existing EU financial fire-fighting tools. The cheapest way for Europe to build a firewall to shield Italy would be to take decisive action this month on a second bailout for Greece, market participants and EU officials say. The longer a decision is delayed, the greater the risk of events getting out of hand in Greece or on capital markets, forcing core nations to take more radical and politically difficult measures to hold the 17-nation currency zone together. The choice would then be between closer fiscal union and a possible breakup of the euro area. "
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