Italy has had the rating of its creditworthiness cut, the latest move in the European debt crisis.
Standard and Poor’s cut its rating by one level to A from A+, and said the outlook remained negative. The agency said weak growth may limit Rome’s ability to cut state spending and bring its finances in order.
Markets shrugged off the decision, while Italian Prime Minister Silvio Berlusconi said the move was influenced by “political considerations”.
Mr Berlusconi said the downgrade had been dictated more by stories in the media than by economic reality.
– BBC News
10 Comments
A DEM gem 🙂
I concur.
very funny in a pretty sad way!
Of course markets shrugged it off it was already trading another rating or two below that last week!
Just to say what a fine blog we have here.
I was interested to see if you would take up the RISE OF INDIVIDUALISM as a topic.
Bernard Salt recently wrote a fine piece:
.
What are we going to do with all the experts we have today ?
Lets try that link again:
http://www.theaustralian.com.au/business/opinion/its-all-about-me-the-rise-and-rise-of-individualism/story-e6frg9jx-1226126824512
Andy
Okay I didn’t even read it, I just saw the balloon and cracked up. Brilliant!
Knock knock Hope you’re feeling better LE? 😉
Thank you dear KVD, yes I am feeling much better. I’m off antibiotics tomorrow, finally, which is a relief. However, I recovered to suddenly realise that my book manuscript is due in at the end of this coming week – hence the silence. But SL and I are planning one of our rare joint posts which will delve into the history of trusts.
Very good LE! I was about to suggest one of my grandmother’s recipes. Plus rum, of course 🙂
HAHAHAHA. As it happens, I am just drinking one of my brother-in-law’s home brews – not bad – I’m sure that the yeast will be good for me.