Tourism is an important economic factor in southern Europe, no question about it. But it would not be able to compensate for this economic shock

I thought a lot of the southern places brought in tourists. 

Satosora

In addition, a large part of this debt was bought by the ECB, so the free market rejects this junk per se. Interest rates would therefore have to be much higher and the debt crisis would have been on fire long ago.

TomK

econ

Eurozone facing acute debt crisis

Wow, Italy's really going for it. It's a race to the bottom and they're aiming to win.