Democratic governments always follow bankers' orders, while UNdemocratic regimes have a nasty habit of appealing to popular demand. The Italians wanted decent public services, low taxes, easy evasion (don't we all?) and more spending money. When this proved unsustainable, the bankers (in bed with the same advertisers who persuaded Italians they could afford such a lifestyle) stepped in and the trendy Independent-reading left cheered. Considering the UK has an aggregate debt of 10x GDP (including external debt in the financial sector on assets such as bad debt or overvalued real estate), I wonder if the same trendy lefties will be cheering on a future IMF-appointed government in the UK when they slash all housing and welfare benefits and privatise the NHS... Private debt in Italy is much lower and savings much higher, yet Italians have to suffer more than Brits?