"The most material reasons are the level of household debt, the high level of public spending, and the inefficiency of the public sector, " he claims.

BBC: Budget 2013: Should the government plough ahead with cuts?

In Italy, the high level of public debt means the government could not afford much by way of state support.

ECONOMIST: The euro-area economy

This, more than weak growth or the current level of public debt, is what has given the major ratings agencies cause for concern.

BBC: Could the US economy go the way of Japan?

By mid-2012, Italy had the second-highest level of public debt - a towering 123% of GDP (annual economic output) - in the eurozone.

BBC: Italy profile

The chart above clearly underscores the way gold prices follow in tow to the rising level of public debt in the U.S. Be forewarned.

FORBES: Budget Debacle, Chinese Demand, Drive Gold To $1471; Next Stop, $1500

Fitch Ratings warned on Wednesday that it could downgrade the UK in the next few years if the government does not contain the level of public debt.

BBC: UK warned again about possible credit rating downgrade

Should Europeans permit eurobonds, they would create a large and attractive continental debt market which could profit by lower interest rates ( as the United States does, despite a much higher level of public debt).

FORBES: Eurobonds or Not Eurobonds ?

Yet French public spending accounts for 56 percent of gross domestic product, the highest level in the euro zone, and public debt reached 90 percent of GDP this year.

FORBES: The Glory That Is The French Economy

For the recession of 2008 to be over, the level of public and private debt should have been reduced.

FORBES: The 2008 Recession Never Ended

While adding to the government's gross debt, they have not driven up the more closely watched figure for public debt, net of assets: at 42.7% of GDP, this is back to its level of mid-2008, and is much lower than the debt burdens of European countries.

ECONOMIST: Brazil's booming economy