The situation in the EU

I came across what I thought is a very good, if simple, description of the European financial system and its problems right now: "Underfunded banks buys underfunded government bonds and underfunded governments guarantees underfunded banks.? It's one of those things that, again, is simple and that seems true but you certainly hope is not. Links: http://globaleconomicanalysis.blogspot.com/2012/02/capital-flight-from-italy-greece.html; http://www.marketwatch.com/story/10-myths-about-the-european-quagmire-2012-02-27?link=MW_story_popular; http://www.nytimes.com/2012/02/27/opinion/krugman-what-ails-europe.html?_r=1&partner=rssnyt&emc=rss