Larry Elliott, the Guardian's economics editor, reports from Washington on the IMF's warning in its half-yearly report that a double-dip recession is getting closer and Britain must avoid cutting its deficit too fast.
As Standards & Poors downgrades Italy's credit rating, Rome correspondent John Hooper says Italians still don't want give up their old lifestyle and pay more taxes.
And economics correspondent Phillip Inman warns of a growing resentment among young people across Europe against the older generation sitting on their wealth.
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