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    Sky mentioned that Sicily has 5 billion euro of debts; this is a debt owed by the Sicilian region, and is separate from the Italian national debt.
    Spanish regions have similar situations of debt, which are, again, separate from the Spanish national debt.

    In Britain, we don't have this situation of regional debts.

    So if in Italy, or Spain, the State were unable to pump cash into local regions that cannot pay their debts, these regions may see their local administrative system starting to collapse, so the local people would all look to their respective central government for help.

    If the national treasury in Italy or Spain can't find the cash, then it's either Germany pays for all and everyone, or the break-up of the national unity in Italy and Spain.
    Or a change in the system to prevent a state collapse.

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