So Spain participated in the first Greek bail-out and provided just over 11% of the guarantees for the European Financial Stability Facility which bailed out Ireland, Portugal and (for the second time) Greece.
Now Spain needs to borrow 110 billion Euros to support its own banks. Of this Italy will contribute 18 billion Euros at an interest rate of just 3%. Italy will borrow this itself from the markets at anything up to 7%. Who will Italy borrow from when it can no longer borrow from the markts? Who will finance an Italian bail-out?
Who will be holding the parcel when the music stops?