If Belgium and Italy were able to handle this level debt, there's no reason for the markets to cut off credit to anyone in the Eurozone now. Therefore the markets are insane and support at below market prices (as opposed to punitive rates) should be provided by those parts of the Eurozone still enjoying access to the credit markets, for the sake of Eurozone financial stability.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman