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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.

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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'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.