Italy is the new Lebanon, Portugal the new Venezuela, Spain the new Vietnam, Ireland the new Argentina and nothing is more risky than Greece, according to today’s credit default swap market.

Once seen as shining examples of eurozone prosperity, the PIIGS -- Portugal, Ireland, Italy, Greece and Spain -- are now a sorry state. It now costs you more to protect yourself against an Italian sovereign debt default over the next five years, than it does for similar protection against a Lebanese default.