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From Ducretion

Italy has moved to centre stage in the eurozone debt crisis.

While Greece generated a lot of noise, it is now seen as a sideshow.

Greece's debt problems are already widely known and the immediate consequences of a Greek default largely anticipated.

Moreover, the size of the Greek economy is small enough that the direct damage, if Greece stopped paying its debts, should be quite manageable for the eurozone.

Instead, the big fear is "contagion" - that a Greek default could trigger a financial catastrophe for other, much bigger economies - in particular Italy and Spain.

And it seems it is Italy that is now seen as the lead candidate for that contagion. But why is this? Prudent Italy?

According to Germany's Chancellor, Angela Merkel, "Italy has great economic strength, but Italy does also have a very high level of debt and that has to be reduced in a credible way in the years ahead."

As with Greece, she and other eurozone leaders believe the solution is more government austerity - spending cuts and tax rises - by Rome.

However, some economists might disagree with her assessment.

The Italian government's debt, at 118% of GDP (annual economic output) is certainly high, even by European standards.

But dig a little deeper, and the picture changes.

Unlike their counterparts in Spain or the Irish Republic, ordinary Italians have not run up huge mortgages, and generally have very little debt.

That means that according to the Bank of International Settlements Italy as a country - not just a government - is not actually terribly indebted compared with other big economies such as France, Canada or the UK. Continue reading the main story Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms: GDP GDP Gross domestic product. A measure of economic activity in a country, namely of all the services and goods produced in a year. There are three main ways of calculating GDP - through output, through income and through expenditure. Glossary in full

Moreover, the large debts of the Italian government are nothing new. It has got by just fine with a debt ratio over 100% of its GDP ever since 1991.

Contents 1 shovels 2 you think about it 3 Li Shaoping mood swings 4 -How locate Cheap Excellent Coach Applications. 5 名叫阿帕奇. Walking on the lawn 6 Blade & Soul Gold 7P69 7 to help the 83-year-old Luo Jing screen on the boat 8 Golden State Securities March fixed income fund investment s 9 In September the investment base strategy increase portfolio

shovels

've eaten a lot of meat, and are the best meat,abercrombie france." And HU Chuan Nine also received Hu opened a lot of aid to. Each time picking up votes meat, Hu opened is the first time carrying meat to Hu Chuan Jiu home. In fact, Hu open is not a big rich house. Hu opened helpfulness, folks doubly moved his children is quite critical. "He is a stubborn old man." Hu Chuan Jiu commented. Live frugally undulating road Sungai village terrain large, hidden in the mountains. A mud-brick ranch house, shop and next to several buildings compared to a small Western-style house at the end of the first floor of ceramic tiles, an underground heaven. The khaki cottage is Hu open house. Perhaps from lack of repair, house several wall cracked a long hole, has been extended to the roof. "Into the house sitting thing." Hu opened pointed to the house of a long bench, and hand cuffs rag stool. This is a "living room",abercrombie outlet, but almost filled aspartate. A low, energy-saving lamps hanging in the house central issue dim light. The right-hand side of the "living room" Hu opened the bedroom. TV may be the most valuable home appliances, but a closer look, is outdated style ten years. Hu opened a month 90 yuan of pension insurance, the son of a month still give him 300 yuan living expenses. He does not smoke do not drink, usually rarely buy meat, remove the day-to-day expenses, but also left a hundred dollars. Save money, he all Na Quxiu Road. Hoes, shovels, summarized Kei, country road, is the focus of his life, or even all. Hu open road, starting in 1994. Then Sungai village children go Longhua Town primary school must go through a hillside. But between the two, but not a decent way, children can only be cautiously along the hill a narrow loess Road Walking. If a rainy day, the trail would go bad more muddy. On one occasion, Hu opened saw the village children came back from school homework book, exercise book full of mud. Lang book on the whole some mud, you read the book of wisdom,hollister, oh "Asked Hu to open. Doll said, because the road slippery, he fell over. Since then, Hu must decide whether the road for the dolls are,mulberry outlet uk. "The road simply is not wisdom for good" every day at dawn, Hu open carrying tools to work. The road some looks the shallow weeds directly bent down to hand pull, buried deep, and will have to spend a hoe. Older, look bad, and sometimes need to squat on the ground in order to complete. Squatting for a long time, dizziness standing up and Hu opened several times Hom therefore fell to the side of the road to go down. Covered with calluses on his palms, crawling good few shades scar on the palm and fingers, "this fall when the roads are cut by the stone." Forehead split large wound, he quietly went to town hospitals, a few stitches on the home. Until now, the forehead are also clearly see the pin at the time. Most difficult repair a road in the vicinity of Sungai village dates slope. It is downhill,lancel, villagers after each time from here had exceptional care Accidentally should slide into the slope continues. Initially, Hu opened with a hoe, a hoe a hoe hard stone chisel ladder. However, over 70 years old, he is really no more effort to hew, later, his own money to hire workers, 40 dollars a day. Maybe the road is addictive, later, Hu opened a people who won the Sungai village refurbishment of the stone path, and even pushed the car to go to the other village roads, the farthest place more than an hour to go. The Sungai outside the village on the road, a merit monument stand quietly on the top row of words read: "Hu opened 3200 yuan. Monument next few slender mountain winds, are gantry field to double Xikou Xikou garages,louboutin, grind Taishanmiao to the garages,doudoune moncler. He originally intend to repair these routes also went to find a stone to pave the way. Later, his charity moved nearby villagers. The village committee will be to mobilize villagers to raise capital contributions paved mountain road in the village of stone road. Donations Hu Start at the top, but also donations most people. Road repaired, Hu open volunteered to be on the obligations of the village,hollister shop, the road maintenance people,abercrombie. The Sungai villages Statistics, various road for 18 years, Hu open repair for the elderly over 20 km long. Villagers lamented, as long as the from Sungai Village doll, are stepping the elderly Hu open repair of the road to reading. Today, the 90-year-old Hu old man,mulberry outlet, intends been this road repair continues, "As long as they can live from day to day to repair." The reporter items Fifi</p>

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you think about it

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'clock in the morning the next day to rescue vehicles. "It was tired and sleepy, and just want to go home." When Mr. Lin is ready to step onto the car event, he was the leader of a surname bell administrative assistant stopped, asked him to wait for the next batch. Mr. Lin and his dispute a few to return to the team, continue to wait (after the event, Mr. Lin admitted to a reporter, because too anxious to speak with a "handle"). 6 o'clock in the evening, more than 80 employees to participate in the expansion of training the summary will stay open training they Jiang coach Please Mr. Lin took office think about. Mr Lin said "It was the attitude too excited, did not take into account everyone's feelings. I did not expect a "I did not realize that this error, called high light Yong,アグ, chairman of the review is not profound, and incidentally, criticized the mistakes and problems of his previous work, and finally rose to the" people and distinction "," Donnie Brasco, "the height of good and evil, let him be reviewed again,ugg ブーツ. Was dismissing "in the end to be jangling considered deep " The petulant Mr. Lin to stand on stage, began to defend themselves,グッチ バッグ, the the high optical brave face also increasingly ugly. Finally, high light Yong asked him: "Is not not do it " Silence, high light Yong angrily said: "Well, you were dismissed immediately after the formalities!" Last night, Mr. Lin got the dismissal of the contract book, dismissing the reasons include "arrangements are not subject to the company" and "non-compliance with the discipline", "absenteeism" and "repeatedly violated company rules and regulations, was repeatedly informed criticism". Production, an employee said on condition of anonymity, when he witnessed the dispute process, I did not expect Mr. Lin was expelled because of this thing, you think about it, good and lose face in front of the face of so many employees, CEOs Xiabulaitai Well ...... "the dispute Mr. Chung and Mr. Lin," bad position to comment on the matter. "he said, after the first review, the chairman of the board so that everyone show of hands," Mr. Lin is sincere ", more than 80 employees Only one person raised their hands. Second review, only seven or eight people raised their hands (Mr. Lin said there are more than a dozen), "This shows that most people think his attitude is not correct." High light Yong, chairman of the company, said, "busy", did not come forward interview. Terminate the contract violation yesterday, reporters on the Chongqing Shanwaishan Technology Co., Ltd. for the weekend to carry out development training to the dismissal of two employees of the consulting labor security supervision brigade to the high-tech zone, the relevant personnel made it clear that the behavior of the company dismissed two employees irregularities parties employees can The appeal to the high-tech zone labor arbitration department. High-tech Zone of labor security supervision brigade, Mr. Wang said,デュベティカ ダウン, First of all, the two staff members to participate in the weekend that work outside the Outward Bound, for failing to pay overtime,mercurial vapor pas cher, not work,hollister outlet, even if it is contrary to the system of the company. Dismissal of employees of the provisions of this system is contrary to labor law, labor law is not recognized. Followed by the company to lift the two employees contract program is not legitimate, according to the labor law, the company no longer renew and employees shall be one month in advance inform staff and financial compensation shall be equivalent to one month's salary compensation. If no one month's notice, must compensation a month in addition to the one-month economic compensation, to be of notice. The reporter Yang Xin Yang Dengquan photo coverage after the termination of the contract such compensation according to the labor law, employees terminate the labor contract and economic compensation for the years of work by the workers in the unit, for each full year standard payment of one month's wages paid to the worker. Less than six months to one year, one year; less than six months, the economic compensation to the laborer. The netizens sympathy is not participating in the training are resigned to employees yesterday, this newspaper reported that "I did not go to the weekend Outward Bound dismissal" Sina, China News Network dozens of websites reproduced triggered a fierce debate in the National User, a considerable part of the users standing in the company's side, more on Mr. Wang's party. In addition to the bickering,abercrombie deutschland, also have a lot of friends very rational view of the event,lacoste. The very companies faction: Sina Zhejiang friends givewf: the Mr. Wang participated in the examination and the work does not matter, to prove that he did not feel at ease to their own work. The employees then outstanding, not worth mentioning,UGG. Not to mention the company handling advice, he does not accept, then he just left! Staff very camp: Sina Beijing netizens wery: weekend private time employees,グッチ, the company does not have the power to arbitrarily occupied. I am strongly opposed to the company's high-handed behavior. Sina Beijing netizens baiyiqx: the ability to upgrade their was worth encouraging, and why we must work-related If you really think "Outward Bound" is the so-called "important event", is one of the employees must participate in work, why not arrange on weekdays The netizens recommendations: users Sina Singapore: The incident reflects the problem. Social reality, tend to have some of the so-called big company, so that individual employees can not, dare not own pursuits and ideas, even if the law should belong to the individual control of private time. Not a company is selected, all the ideas, practices must be around the direction of the company Personal freedom, private rights should not be kidnapped People are not accustomed to the concept of private rights, this tort more frequent occurrence, that this case is a case in point.

Li Shaoping mood swings

's Federation, Liexiyi a neighborhood such as person in charge and someone's six urban management coordinators went Xiaolan People's Hospital of apology to the victim, the parties refused to accept the apology on the spot. Yesterday afternoon, Liexiyi neighborhood committee issued a circular, said the six urban management coordinators were interdicted. 11 o'clock yesterday morning, the Siu Lam 镇党委委员,mulberry outlet uk, comprehensive administrative enforcement Secretary Li nest Friends of Women's Federation,abercrombie outlet, the person in charge of the neighborhood Liexiyi came Siu Lam People's Hospital, an apology to jumping into a river female trafficking Li Shaoping. Li Shaoping emotional, refused to accept the condolences of the community and women's federations gold. Li Shaoping emotional 6 coordinators and failed to enter the ward when facing the Li Shaoping apology. After ten minutes of dialogue, Li Shaoping mood swings,abercrombie, the doctor's advice, the relevant officers of several departments had to leave in a hurry,doudoune moncler. Xiaolan People's Hospital doctors,hollister shop, Li Shaoping this has asthma, drank a lot of dirty water after jumping into a river, a slight cause lung infection, but the current situation is quite stable. The Xiaolan Comprehensive Law Enforcement Bureau Deputy Secretary Ho Chuen South,lancel pas cher, urban management coordinators and has no enforcement power,louboutin, but illegal hawkers exhortations. Yesterday afternoon, Xiaolan Liexiyi community's neighborhood committee issued a decision in the event,mulberry outlet, the decision said, noon on May 15, Liexiyi community urban management station wardens in the enforcement process,hollister, leading to the industrial area in Guangfeng sell fruit hawkers jumping into a river. After jumping into a river,lancel, drowning rescue Li Shaoping brother-in-law and a nearby factory security, urban management station coordinators did not participate in the rescue in a timely manner. In view of the matter, the study by the Community "two committees" decision of six wardens suspended from their duties.

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名叫阿帕奇. Walking on the lawn

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's image used in the coat of arms and currency. China and only 10 pure the Ferghana BMW, are imported from abroad. Debut Suzhou three Ferghana BMW scenic spend a lot of energy, each one worth more than 6 million yuan loan from the Beijing-based company, regarded as a "national treasure" treasure. Reporter learned that three Ferghana BMW "car" ride from Beijing arrived in Whitehorse Stream, scenic give them the highest standard of treatment - every one BMW has its own separate "bedroom"; Ferghana BMW with meal are imported feed, oats, alfalfa, oil seeds, corn kernels, trace elements like Less,mercurial vapor pas cher, up to 500 yuan a horse a day for meals,モンクレール. Colors are black and gold, gold Ferghana BMW's exclusive three color the Ferghana BMW are stallions, and have a nice foreign names - oldest 11-year-old (black), called Gerlach; Age smaller 4-year-old (the gold left rear white hoof), Ming Jiaoao Chuck; youngest only 2 years old (golden two after white hoof), 名叫阿帕奇. Walking on the lawn, 1,hollister outlet.6 meters tall at the shoulder Gerlach obvious "boss",abercrombie deutschland, whenever you encounter two brother, should high leaps forepaw display their own power. However, it is not the favorite of the audience. According to the trainer, gold is the Ferghana BMW's unique color, this horse body fitness, speed, stamina, and is often used as a warhorse in ancient times. In modern times, the Ferghana BMW drastic reduction in the number, but they remained 84 days to finish the of 4300 kilometers horse in speed and endurance records,グッチ バッグ. Now, this so expensive BMW uses ornamental trained,グッチ 財布, they not only do simple movements such as Ma Yue,hollister, kneeling down to even jump out of the elegant "ballet", park visitors will be free to watch. Ferghana BMW Zhang Bi-rong What exactly is a horse, why call it the Ferghana BMW described in the "Historical Records" in the Han Dynasty, and returned to say: "the Western Regions multi good horse, horse Ferghana." Therefore, in China, two thousand to this horse has been mysteriously called the Ferghana BMW ". The the Ferghana BMW Origin in Turkmenistan, the 名阿哈尔捷金马 this horse produced Akhal oasis between the the the Turkmenistan Branch Pate mountains and the Karakum Desert After three thousand years of training from the world one of the oldest stallion.阿哈尔捷金马 head narrow neck high, slender limbs, thin capillary, the pace of light strength, speed and stamina. The earliest record of the Ferghana BMW 300,000 troops in the Western Han Dynasty more than 2,000 years ago, the early Han Biden wartime, Han emperor Liu Bang rate Xiongnu trapped, aggressive and courageous Xiongnu Han emperor left impressed Ferghana BMW is the Xiongnu cavalry mounts. Han Dynasty period, in order to win a large number of Ferghana BMW, the Western Han Dynasty of China and the Western Regions Dawan country through two bloody wars,デュベティカ ダウン. The Ferghana BMW really sweat as blood, the researchers said,abercrombie, "sweat blood" only a very individual phenomenon. Foreign experts once said of the Ferghana BMW's "Ferghana phenomenon investigation, that the" blood and sweat "phenomenon by parasites. Some experts believe that, "the parasite said" very difficult to set up. If the parasites that cause the the Ferghana BMW sweating as blood, and why it does not sweat like blood at any time, while the partial flow run too fast Animal experts guess: the Ferghana BMW capillary and dense, suggesting that it's very well developed capillary, run at high speed about 5 ℃, blood temperature, a small amount of red plasma exudation is most likely from the small pores. The Ferghana BMW really traveling thousands of miles Why the Ferghana BMW to become a world famous horses Experts say, in Turkmenistan, the horses in small quantities, but there is a wealth of forage and grain feeding horses, is a high technology content intensive rearing methods, press the horse the quality of the individual riding training. The horse is a fine individual management in Central Asia, Mongolian horse management, is a semi-wild extensive rearing methods. According to records, the Ferghana BMW at line 4000 km. Many experts have questioned,デュベティカ. Some experts say, even if the ancient taximeter unit is tenth today, horses a day to run 400 km, also seem impossible. Some experts believe that, "traveling thousands of miles, the Night of 800" is only legend, now recognized as the fastest horse is a thoroughbred horse can run 1000 meters in one minute, but this speed can only insist on a training field or racetrack two minutes, over time, the horse may be exhausted. Newspaper Integrated

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to help the 83-year-old Luo Jing screen on the boat

's daughter-in-law, Zhang Yali cry for help: "to save my mother!" Feng and equal people rafts paddled the Luo home, to help the 83-year-old Luo Jing screen on the boat, sent lots of security. The trio returned to rescue the mother of Feng peace, the way flood rapids, after a series of setbacks, the trio was forced to drive the lightship return. They will be the case to the king of apricot $ reflect, king of apricot yuan Feng peace said: "trapped to your mother, you do not rescue who to save!" Feng peace,louboutin, Feng Wu Yan, Zhou Jianyou trio another composed of search and rescue teams, the ship once again rushed into the flood. Unexpectedly, hit a tree stump, three fell into the water on the raft struggling, Feng Wu Yan, Zhoujian You survived, Feng peace was swept away. Trapped in their own homes Yin Zili see the raft turned Feng and equality of people falling into the water, Feng peace ups and downs after a few sinking into the water. "Man overboard, fast rescue" Yinzi Li shouted for help, until more than 10 minutes later, Zhao Guoan drove the raft came here,hollister. Spacial down torrent downstream seeking up to 2 miles away sokdam Bridge did not see Feng peace figure. Is not courageous Von peace disappearance, family members and government from the controversial June 26,lancel, stone Tanzhen deputy party secretary Zhu Guangwu came von peace at home condolences Feng peace disappearance of natural disasters caused by accidents, the government there is no liability, but the in the people-oriented principle and Fengjiashan actual situation, you can give some relief,peuterey outlet. June 28, Feng peace family members reflect before to save the mother has rescued a man asking for a report Samaritan, the stone Tanzhen government organization of judicial investigation and evidence collection. After an investigation, the the stone Tanzhen government peace FUNG save his mother drowning missing, does not meet the courageous reporting conditions. July 7, the stone Tanzhen governmental organizations tube area,mulberry outlet, judicial, Cunzhiliangwei cadres and von Peace family representatives convened von peace in the aftermath of the meeting unsuccessful meeting abort Feng peace family members insist on von peace are courageous,peuterey. Zhuguang Wu said in an interview with reporters, courageous when the following conditions are satisfied: (a) when the national interests, public interests, collective property or others personal and property rights of the aggrieved or compromised, to stop or to rescue; (b ) addition to victimization parties outside personal to the public security departments and other relevant departments to report and expose criminal behavior, plays an important role in the detection of the crime and the hunt, arresting criminals,abercrombie france, suspects,abercrombie; (c) of the rescue and relief work, the protection of national property, public property, collective property or the property of others,doudoune moncler, and personal safety,moncler. Yesterday afternoon, Xiangtan county party secretary Chen Hung, Feng peace has been submitted to the relevant departments, as to whether a "courageous", the Xiangtan County will send the relevant departments to further investigate and understand determined.</p>

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overall, the highly leveraged products in two levels of markets with the market price fluctuations, has the characteristics of high risk and return, in the short-term debt markets may remain small fluctuations in the environment, suggestions on market volatility to grasp the general investors cautious participation.But in the long run,isabel marant,The silver jhncc the stock to resume trading after the premi, liquidity gradually loose push bond good market environment, the pursuit of long-term stable income investors may be concerned about the high proportion of asset allocation of credit debt and investment management ability of the Bo, B, the day of the rich profits B.

binding ability of management,Strategy the fund week Ruoshi fund balance _ strategy report, focus on discount advantage varieties -- General closed-end bond funds investment advice

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grasp the style translation, attention -- open bond funds low rating varieties of investment advice

In September the investment base strategy increase portfolio

although bond market short-term lack of positive support, but the medium and long-term bond yields have been at historic top, coupon higher income also increased the absolute attraction, comprehensive point of view, we think that the bond fund still has a configuration value better,isabel marant sneakers.Among them, closed-end bond fund transactions have discount advantages, investors can focus on,louboutin outlet.

fund style choice, considering the short-term certainty and defensive varieties will continue to get investors,louboutin pas cher, focusing on food and beverage, home appliance, medicine, textile and apparel and retail consumer industries fund may continue to be used as the core configuration.But the concern is,christian louboutin outlet, after the recent rise, part of the large consumption shares the current valuation attractive decreased gradually,louboutin outlet,Haitong Securities stocks mixed strategy equilibrium configuration style still f, the subsequent three quarterly reports to super expected power co..The fund manager under this background stock selection ability become the key, so choose the robust growth style variety, investors are advised to combine the product portfolio and management capacity of stock selection.

2011 September fund investment strategy report

to enhance the portfolio risk investment strategy, with period style -- the equity open-end fund investment advice

since this year the global economic turmoil and uncertainty, investors should be mainly defensive varieties.Despite the recent rapid rise in gold after the callback risk increase, but from the second half of the year, gold, resource inflation varieties is still the focus of our future, moreover may be concerned about the American market in the rapid decline of the opportunity to rebound.

super expected policy impact the bond market funds face -- Fixed Income kind of open-end fund investment advice

fund portfolio construction, we think investors can long-term layout view, waiting for the market to bottom area of the wave to digest the negative factors,Paul the fund market oversold bounce fund positions down s,louboutin, while waiting for the inflation, policy, the economic trend in the process will also gradually to clear, and the current market basically reflected the economic policy,isabel marant, the most pessimistic expectations, medium-term index gradually to repair the accumulation factor.Therefore, in September the fund portfolio does not need to be too conservative, may be appropriate to enhance risk.The

in addition, we believe that small and medium-sized fund provides a flexible operating space to manage the people, at the same time the new fund low cost of Jiancang and adjusts the warehouse cost advantages,louboutin, the relevant fund concern may be appropriate.

macroeconomic decline or will continue, but the economic hard landing probability is low,Strands of mixed base position improve Large Firm difference,isabel marant sneakers, the overseas market turmoil on the impact of the domestic economy needs further observation, these will continue to form a certain pressure on short-term market,christian louboutin outlet.But at the same time, historically low valuation levels provides a margin of safety.The

fund research center Wang Dandan Zhang Jianhui

along with the adjustment, a cyclical industry level low valuation of the plate with some safety margin, such as adjusting the have more fully, institutions with low banking,louboutin pas cher, real estate, defensive and offensive.In addition, taking into account the relevant policies in the second half will promote the introduction of new industries, the industry is expected to grow a good return to investors perspective.Therefore, the focus of the industry fund may be appropriate to add.

previous bond market funds face relaxed, in overseas market concussion risk aversion in the background.But this week the security deposit the reserve policy exceeded market expectations,isabel marant, reflecting the monetary policy under inflation background still maintain a certain strength, also makes the capital side is expected to significantly impact.The short term, the bond market is very difficult to form the trend of investment opportunities.