Why European debt crisis is so deep.

I saw this graph on Seeking Alpha (posted by a Mr Davis) and I understood. European banks have been essentially kiting checks on a big time basis. The debts are hidden, because they are shuffled between the various countries and their banks. This is how check kiting works: A person owes his credit card company $500, but he does not have the money. However, he has four bank accounts. So, he writes the credit card company a check for $500 on bank #1. A few days later he writes a $500 check for bank #1 on bank #2 and so on. This is an unlawful practice, but is essentially what the European Socialist countries have been doing. It works with loans, too. These countries have been borrowing money from each other, but investors have found out and have raised the interest rate the dead beats have to pay. The problem is that the bills can no longer be paid, hence the crisis.