Media bias or selective understanding

Unless one has been living under a rock these days, everyone is aware of the global economic crisis. It has been interesting to chat with Italians to see if they are worried about the state of their economy. When I ask them 'are you worried that Italy will follow Greece and Spain?' they tell me that there is no problem because most Italians still take vacations. What?!!! Have they not heard of the PIIGS- Portugal, Ireland, Italy and Spain- the four countries whose economies are in the most danger of collapsing! 

At this point, I am not sure if it is media bias or plain ignorance. I plan on exploring this further by talking to more people and reading the papers.