I don't think that it is entirely accurate to say that Spain and Italy are bigger versions of Greece.
Italy has significant industry in the north, as do the Spanish in Catalonia and the Basque country. There are regions in the south of both countries that are barely distingishable from Greece, but over all the Italy and Spain have means to service their debt. The Greeks don't.
Spain and Italy have political challenges. The Italians have to get rid of Berlusconi, and the Spanish have to clean up messy entanglements between regional political factions and the Caixas(local savings banks). It wont be plain sailing, but they can survive.
