Well, there are too sides to this debacle
Governments, like the rest of us, should be living within thier means. They have lied to us about this since the end of the first world war, and are finally getting found out. How Britain can so suddenly go from the Largesse of the Brown years to the Misery of the Coalition should be evidence of how untrustworthy governments are.
But the Loan Sharks are accountable to no-one in this, and are being Greedy. To effectively double the cost of repaying Italy's debt is just banditry, and in the past we used to hunt down bandits and hang them. Now we watch as they give each other multi-million pound bonuses, and if it looks like their nasty racket is going to come off the rails our governments - the same governments they are blackmailling - prop them up with yet more of our cash.
To make both thing possible governments just print more money, making the value of my savings drop. This is why house prices have not plummetted since the crisis began (ok they have slipped a little but, but not off the cliff) - because there has been a secret revaluation of the money we measure them in, and it is now worth half what it was 5 years ago.
A pox on governments, and a pox on bankers.
It is time for the ptichforks and flaming brands, I tell you. Are there no lamp-posts? is there no rope?