Ok, Portugal is a done deal, now people start hand wringing whether Spain is next. Bob Mundell, "Father of the Euro" or better known as the creater of the "Mundell Fleming Model" has been warning for a while that Greece, Ireland, Portugal, and Spain are trivial compared to a potential crisis in Italy. Let's start watching the risk premium on Italian goverment debt. It sounded far out in 2010, today it is an uncomfortable reality.