European Contagion Spreading to more Banks

The debt contagion is spreading rapidly, almost virulently at this time. Here is a good article from Toronto's Globe&Mail newspaper illustrating why bailouts have gotten so much traction with superficially reluctant France and Germany. These two countries hold the lion's share of Portuguese and Spanish debt. Guess whose banks would collapse if Portugal and Spain are allowed to default (or if Ireland and Greece had been allowed to default).