Italy’s Credit Rating Cut by Moody’s on Weak Growth Outlook

'Italy’s credit rating was cut by Moody’s Investors Service for the first time in almost two decades on concern that Prime Minister Silvio Berlusconi’s government will struggle to reduce the region’s second-largest debt amid chronically weak growth.
Moody’s lowered Italy’s rating three levels to A2 from Aa2, with a negative outlook, the New York-based company said in a statement yesterday. The action comes after Standard & Poor’s downgraded Italy on Sept. 20 for the first time in five years. Italy was last cut by Moody’s in May 1993.'

http://www.bloomberg.com/news/2011-...oncern-country-may-struggle-to-trim-debt.html

 

It's getting ugly over there.

 

but the funny thing is its just a side show, the "REAL" party is on wall street

 

Yeah, but it's causing semi-panic (along with bad economic news in America) and a run on the dollar which is hurting gold and silver (imo).

So it matters to me.

 

why people flock to the dollar in times of turbulence is beyond me. Did you know that horses run to their stall even if its on fire? Its their comfort zone.....I think its the same with the US dollar.....even though the dollar is figurativaly speaking in flames many people still feel comfort in running to the dollar as its the only thing they know as its the place people flocked to for 60 years!

 

Tea Party Blames Obama for Italian Bank Crisis. News at 11.

 

actually you can blame it on socialism!

 

no, you can blame corruption (60 billions euros every year) and tax evasion (120 billion euros every year).
the italian public debt is now 1900 billion euros.

 

You can, if you're ignorant enough not to know what the term means.

By the way, the ruling party in Italy is what? Oh a far right party that's been in power for a decade. Go figure!

 

Italy even pays pensioners that live outside Italy and have never worked in Italy.....their pension package is too generous!