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Italy is another country with very high public debt but it was not in a programme although, on several occasions, it posed risks for the euro area. This year the Italian debt level is expected to be 133.8% of GDP and next year 132.7%. Italy's Finance Minister Pier Carlo Padoan admitted in front of the economic committee of the European Parliament that Italy had just recently realised the seriousness of the problem with the high public debt and was already working on reducing it. The situation in Spain is similar, although Spain worked on a different programme, without the Troika. Spain, however, has the same severe situation with the unemployment. The problem is, however, that Greece's debt is very expensive. The price of the 10-year benchmark bonds is huge - 8.50%. To compare, the bonds of Italy are traded at 1.54%, of Spain at 1.38%, of Portugal at 2.44%. This is the greatest problem Greece needs to address. The decision, however, does not lie in any debt cancellation or, even less, in reversing the reforms with or without the control of the Troika.
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