...The EU in totality must roll over or issue somewhat more than EUR 1.5 trillion in debt this year. The German Bund got pounded when the rumors started circulating that they were planning on bailing out Greece, and that of course will impact borrowing costs, which simply fuels a spiral
...unlike Greece, which has a GDP of EUR $261 billion, Spain's is EUR 1.134 trillion and Italy's EUR 1.406 trillion. Portugal and Ireland's economies are smaller, but they belie big problems, with the "best" indication being the external debt to GDP ratio.
Italy's is 127% (the US is running close to 100% at present), while Greece's is 161%. Spain's, on the other hand, is 171%. Germany, for all of its vaunted "strength", runs 178% of GDP, Portugal is at 214% and Ireland is running an unbelievable 1267%.
(Compare US external debt at ~100% of GDP. That's not good, but Ireland may already be a goner.)...and don't look at Great Britain as a bastion of "fiscal responsibility" - they're over 400% - nor the Swiss, at 423%.
The Great Depression actually kicked off due to a failure of an Austrian bank.