The amazing spectacle in Washington over the debt ceiling distracted people from the amazing spectacle in Europe. Here's the Washington Post:

Investors drove borrowing costs for Italy and Spain to 14-year highs, fueling sharp stock market drops in London, Frankfurt, Paris, Milan and Madrid. Though Italian and Spanish bonds later rebounded, borrowing rates for both nations remained dangerously high, at more than 6 percent — and closing in on the 7 percent threshold that eventually triggered bailout talks with Greece, Ireland and Portugal.

Europe doesn't have the wherewithal to bail out Italy and Spain. And those countries don't have their own central banks and their own currencies to bail themselves out with money creation and devaluation. Italy ditching the euro is still a long shot, but I don't think I would feel super great about holding euros in an account at UniCredit or any other Italian bank these days.