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As Spain gets another downgrade, we ask Professor Luis Garricano of the London School of Economics whose debt is it anyway?

For a close-up view of the crisis, we bring together three housewives from Germany, Greece and Italy to see what impact the problems afflicting European economies are having on their day-to-day lives. They also offer their views on what can be done to improve the situation.

Plus, on a brighter note, our regular commentator Steve Fritzinger examines luxury compression - how the downward spiral in the cost of personal gadgets has given us all a small glimpse of the highlife.

(Image: Women shopping in a European supermarket. Credit: AFP / Getty Images)