Another swimmer to watch: Italy's Federica Pellegrini, who will go for a second consecutive gold medal in the 200 freestyle.

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But she will have to fend off world champion Federica Pellegrini of Italy and will likely have to wait for the 800-meter race to mount the podium.

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"People in my generation who are living on their own salaries don't have such a great standard of living, " says Federica Magro, a 44-year-old publisher in Milan.

WSJ: A Generation In Italy Feels the Fiscal Squeeze