Mark Crosby makes a very good point and makes it well.
Italy and Greece – it’s not fiscal:
In Europe there are two responses to these developments. Globalisation can either be rejected or be embraced. Policies such as making it hard to shut down businesses support anti-globalisation, since globalisation is going to require firms and people to be adaptable and nimble. It is unfortunate that this might mean that the historical jewelry businesses in Italy have a future far less grand than the past. However, it is simply a fact that there is really no way to avoid this. Italians (and Greeks and others) must become more nimble and adaptable. Embracing globalisation means accepting that the future will be very different to the present and the past. It requires workers to be well educated, flexible, and talented. This is the real challenge for Greece and Italy.
(Via Core Economics)