Europe's rescue plan is based on the idea that Ireland and the rest just need to borrow a bit of cash to tide them over while they sort out their difficulties.

ECONOMIST: The euro crisis

Or to put it another way, if Italy is shut out of markets - which is not impossible - then the EFSF in its current form will not have even enough money to tide Italy over, let alone keep alive any other eurozone governments that run into difficulties.

BBC: Southern European banks need most capital