For a while, Europe's common currency crisis seemed to be cooling down. But this week Italy joined other debt-ridden euro-zone countries in the cross-hairs of the financial markets. Europe's indebted nations are fighting to get their houses in order -- with some success.

In spite of massive cash transfusions and bailout packages, the euro-zone has started trembling again over its weakest members. The future of the common currency is, again, at stake. Ireland and Portugal will receive billions of euros in support, and a second bailout for Greece is in the works. And just as European politicians were starting to think about their summer vacations, Italy's public debt has slipped into focus.

It looks almost as if speculators are working slowly through a list of European governments, namely the indebted ones known under the notorious acronym PIIGS -- Portugal, Ireland, Italy, Greece and Spain (which may be up next). What's certain, though, is that all five governments will be under close observation by financial markets as long as the European Union comes up with nothing but short-term fixes.

The common impression of a single big debt crisis in Europe, though, is deceptive. The euro zone's problems are wildly different from one indebted nation to another, so the dangers vary. Governments have also fought for some time against financial collapse, and in some ways they've started to win.