Italy's GDP is larger than California's and they manufacture a hell of a lot of desirable high tech goods.

http://en.wikipedia.org/wiki/Comparison_between_U.S._states_...

it's tipically meaningless to conflate "countries of southern europe" together because they have basically zero in common economy-wise.

But, hey, who wants to get in the way of some good ole' rethoric?

It doesn't even make sense inside a country. The economy of Milan has nothing to do with Sicily.

That was one of the UK's arguments against the Euro - that the economy of different Eu countries was far too different to have a single currency. And yet it was perfectly reasonable that the city of London had exactly the same financial needs as an ex-mining village in the North of England.