S&P Strikes Again: Italy Downgraded
- Posted on September 19, 2011 at 6:35pm by
Becket Adams
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Standard & Poor downgraded Italy’s debt rating to A/A-1 with a negative outlook, warning of the county’s weakening economy and precarious debt situation, reports Business Insider.
“In our opinion, the measures included in and the implementation timeline of Italy‘s National Reform Plan will likely do little to boost Italy’s economic performance, particularly against the backdrop of tightening financial conditions and the government’s fiscal austerity program,” S&P said in a statement.
S&P said Monday that the main factors contributing to the downgrade are Italy’s political and debt issues.
S&P also says it anticipates that policy differences will likely limit Italy’s ability to respond effectively to its debt crisis.
Italy has been grappling with a threatening debt load and its government has been under pressure recently to enact austerity measures to rein in spending.
According to a recent Washington Post report, S&P says that weaker economic growth will likely limit the effectiveness of Italy’s fiscal consolidation program.
(The Associated Press contributed to this story.)
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Watchdog826
Posted on September 20, 2011 at 5:09pmIf you rate countries like a business the USA would be C- and not AA+ this going to happen over time. The lies being told by rating agent is going to come to life one day. That way groups like AIG went into bankrupt as a AAA.
Report Post »Magyar
Posted on September 20, 2011 at 10:47amUnderstand the implications?— the EURO is doomed–unfortunately instead of letting it die the EU will start printing Euros out of thin air just as Bernanke. Of course this artificially props the Euro prolonging its demise and prolonging the misery that is surely to come!
Report Post »nocakeforme12
Posted on September 20, 2011 at 10:20amI think the S&P has too much power. Follow the paper trail!! At the end is a very powerful guy named George S.
Report Post »SREGN
Posted on September 20, 2011 at 9:26amWe’re next!
Report Post »Gonzo
Posted on September 20, 2011 at 9:18amHey, sometimes the truth hurts. Same goes for their downgrade of the U.S. Don’t blame the messenger. It’s time for everyone to get realistic about spending more that you have every year.
Report Post »MUDFLAPS
Posted on September 20, 2011 at 9:11amcomo???? youva gotta bea kiddinag ame!!!! Wazza matta fo you?????
Report Post »TomFerrari
Posted on September 20, 2011 at 9:00amPerhaps Vatican City, a City State, will step in and help their fellow man, and bail out Italy?
Report Post »They could just stamp about 10 trillion euro coins.
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lol
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