Here in Italy, what they have is an endemic productivity crisis, one that has gone on so long and reaches so deep into the economy that it poses a challenge to the fabric of Italian life.
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European leaders, at odds over how to resolve the deepening crisis in the euro zone on Wednesday, have been advised by senior officials to prepare contingency plans in case Greece quits the single currency area.
The European Union has the tools and the will to protect the euro and fight the bloc's sovereign debt crisis, the European Council President, Herman Van Rompuy, and European Union President, Jose Barroso, declared yesterday.