Italy’s sovereign debt rating cut by S&P on growth fear

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Another country gets downgraded. Who is going well? That is the question. The country that does well has to sell to the country who is broke!
Italy has had its sovereign debt rating cut by Standard & Poor’s, the latest move in a deepening and continuing European debt crisis.
S&P cut its rating on Italy’s long- and short-term sovereign debt rating to A/A-1 from A+/A-1+, adding that the outlook for the country was “negative”.
It cited fears over Italy’s ability to cut state spending and bring its finances in order.
Italy is currently trying to push through an austerity budget.
“We believe the reduced pace of Italy’s economic activity to date will make the government’s revised fiscal targets difficult to achieve,” S&P said in a statement.
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(Seeker 401) like the old picture of silvio?
they are the 6th european nation to get downgraded on their debt..more to come...

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