"At issue is the sustainability of pay-as-you-go state pension systems in which those in work pay the pensions of the retired rather than, as many fondly imagine, putting a nest-egg away for their own retirement ... From Denmark to Italy the national pension system varies, but demographers, economists, and analysts are pretty much agreed that all face similar crises, a convergence encouraged by the single currency and the constraints on public spending ..." (Quoted from article)