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Economic crisis: Greece now, Italy next?

(People's Daily)

16:38, November 08, 2011

Edited and translated by People's Daily Online

Beijing, Nov.8 (People's Daily Online) -- Italy's enormous 1.9-trillion-euro debt has become a growing concern worldwide. As one of the seven largest industrial nations in the Western world, Italy, along with debt-laden Greece, was a major topic at the recent G20 summit in Cannes, France.

Italian PM Berlusconi promises austerity

Italian Prime Minister Silvio Berlusconi introduced austere plans to tackle the country's debt crisis at both the European Union summit on Oct. 26 and the G20 summit on Nov. 3 and Nov. 4. The country's debt-to-GDP ratio stands at 120 percent, the second highest in the euro zone after Greece.

Once Italy, the third largest economy in the euro zone, defaults on its debt, the entire euro zone will be dragged down, and European integration will be severely affected.

The French president and German prime minister both expressed satisfaction at Berlusconi's anti-debt crisis plan at the end of the G20 summit but stressed that Italy should ensure timely and effective implementation.

Christine Lagarde, managing director of the International Monetary Fund, also made it clear that the debt crisis facing Italy is actually a trust crisis. The IMF will send a mission to Italy on Nov. 15 to monitor implementation of its austerity measures and will verify the implementation process on a quarterly basis.

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wende at 2011-11-0871.255.85.*
Unless preconditions are met, China should not lift a finger to solve eurozone's problems. It is not to shame to set conditions as would a banker do when one tries to borrow from a bank. China should reject other items brought up like human rights etc that have nothing to do with finance or economy.

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