From
marketwatch:
Moody's
Investors Service downgraded Italy's sovereign debt rating by one
notch to Baa3 late on Friday, leaving it one rung above
sub-investment grade, or junk. They cited Italy's fiscal
deterioration and the government's decision to target higher budget
deficits in the coming years. The ratings firm also added that the
government's policy proposals did not offer a set of reforms that
could lift Italy from its anemic economic growth. At the same time,
Moody's gave Italy a stable outlook, meaning it was unlikely to cut
the country's debt rating again anytime soon. Investors are wary of
further downgrades as falling into a 'junk' rating would have forced
more conservative investors to dump their holdings of Italian
government paper.
The move
comes right after the Italian government decided to resist against
the Brussels sociopaths who push the eurozone straight to the cliff.
From
Reuters:
Investors
sold Italian bonds and the euro on Friday, with Italy’s bond yield
hitting four-year highs as the European Union called its draft budget
an “unprecedented” breach of EU fiscal rules. Late on Thursday,
the European Commission told Rome in a letter here that planned
government spending was too high and that its structural deficit
would rise instead of fall, and that the country's public debt would
not fall in line with EU rules. Italy’s prime minister Giuseppe
Conte defended the budget.
As has
been predicted
already by the blog:
It
is almost certain that if the Italian people 'dare' to give more
power to the anti-establishment political forces, the following part
of the imaginary
dialogue will take place:
“We will start with Italy and
Spain. We will order rating agencies to attack, exclude them from
markets and throw them to the ECB trap. They will be forced to take
similar measures, as Greece did, in order to receive liquidity. Then,
we will attack France and Germany.”
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